Monthly Archives: April 2018

April 6, 2018
Brad Goodsell

What Does Confidential Senior Housing Listing Really Mean?

Share

Specific to the seniors housing market, confidential, is a common term used throughout the transaction process.  But what should, or more importantly does confidential really mean, during the course of a senior housing listing and subsequent sale?

Most seniors housing brokers will make some mention of how they work confidentially to market a listing, however reality is often a very different case, varying greatly by broker and brokerage firm.  SeniorsAn example of this is often found on websites featuring a brokerage’s listings…listing a ‘confidential’ property on a website.  Yes, you read that correctly!

Another example of a seniors housing listing confidentiality breach, is that of mass-marketing a property through email.  I know firsthand that this happens, why, because I am the recipient of many such emails.

When considering selling a senior housing property, each seller should consider their level of appetite for news of the pending sale reaching the local community, greater marketplace, residents and existing staff.  As such, true confidentiality ought to be expected and required.  With this in mind, Senior Living Investment Brokerage (SLIB) takes a unique approach, holding fast to true confidentiality in each senior housing listing process.

At SLIB our process is truly confidential, from start to finish.  It begins with initiating personal phone calls, not emails, to gauge interest of financially qualified buyers by providing a generic property description.  If interested, prospective buyers are then forwarded a confidentiality agreement.  Only upon receipt of this signed agreement does Senior Living Investment Brokerage disclose full property details.

While our approach takes more time and effort, it has proven over time to be more effective, while also keeping the integrity of our relationships paramount.

Closing

In the world of senior housing listings and transactions, confidential, can mean many things to many people.  It is up to seller to confirm their chosen brokerage’s approach to this essential issue.

Contact Information

To discuss how we can assist you with the sale of your Senior Living Community, contact Brad Goodsell of Senior Living Investment Brokerage, Inc. at 630-858-2501 or goodsell@slibinc.com.  We are available to prepare a no obligation property valuation analysis for you.

April 3, 2018
Jason Punzel

How to Sell Assisted Living Facilities Quickly

Share

How to Sell Assisted Living Facilities Quickly – By Jason Punzel

Last month, I posted the first three things owners can do to expedite a closing.  Below are three additional ideas to ensure a quick, smooth closing.

  1. Have your attorney get a preliminary title report when you list the property – After an offer has been accepted and the buyer is going through their due diligence period, title issues can often cause delays in closing. If a property has been owned for a long time, and no recent debt has been placed on the property, the title probably has not been reviewed by an attorney for years.  Old liens, mortgages, improper zoning are just a few issues that could come up.   By having an attorney review a title policy early on in the process, many of these issues can be resolved prior to the buyer’s attorney examining the title policy.
  2. Have an ALTA survey completed ahead of time – An Alta survey, in conjunction with an attorney review of the title policy can help reduce possible delays in closing. A survey can reveal encroachments, easements and other issues on the site that a buyer may or may not have an issue with.   Having a survey that is already completed that a seller can show to a potential buyer will save time and make the closing process go smoother.
  3. Fix any major capital items – A buyer will perform a building inspection and will expect that the roof, foundation, mechanicals, etc are in good working order.  As a seller, if you know there is something that needs to be fixed, it makes sense to do it ahead of time and not wait and hope a buyer won’t find it.

Conclusion:

Many of the above suggestions will cost the seller both time and money ahead of time.  The seller must weigh the risk of spending their time and money with helping the closing go quicker.  Ultimately, if the seller is committed to selling, these expenses will be a good investment to ensure the smoothest closing possible.

For more information on selling your seniors housing property, please contact Jason Punzel at 630-858-2501 x 233 or punzel@slibinc.com.Seattle 3