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Question by Olu: Seeking advice on how to approach a bank about possible real estate deal in Atlanta?
I need someone?s advice on how to approach bank on a real estate deal.
Background: There is an apartment complex that has been mostly vacant for the past 3 years, it has become a nusance to the community ? including ongoing suspected drug dealing etc. The bank still owns the notes on this appartment complex.
I am planning to approach the bank and ask that they turn this complex over at no cost to a group of 5 of us (including a real estate agent, general contractors etc) . The idea is to clean that complex up and make them in a great shape that will be appealing to prospective home buyers (thus helping someone?s dream of home ownership come to fruition)
Can you advice on how to approach this bank with this request? Could I approach the State of Georgia with this request?
Thanks for your assistance
Best answer:
Answer by Trooper
Banks need plans, studies and figure. You have to present a clear and financial study for the project, Detailed financial situation of parteners.Bank gurantees for its cash amangement.
For a short cut to all this, talk to someone in the bank about their requiremnt and work accordingly.
thanx
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