With distressed properties, there can be confusion about when an offer is accepted. The seller is still the legal owner of the property in most cases, and must be the first to accept an offer. Yet the lender also must approve or agree to the transaction, since it’s being asked to take less than what’s owed on the mortgage.
Is it ethical to contact the owners of commercial property with old signage that don't appear to be actively marketed? Should I contact the broker and ask if he or she has a current listing on the property?