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- How long does the sale of a LIHTC property take once they enter due diligence?
How long does the sale of a LIHTC property take once they enter due diligence?
Topic Author
Group Member
1 year 11 months ago #637278
by Group Member
How long does the sale of a LIHTC property take once they enter due diligence? was created by Group Member
How long does the sale of a LIHTC property take once they enter due diligence? We were told the property we wrok for is under contract, but haven't heard anything else.
Topic Author
Sam Mclaughlin
1 year 11 months ago #637279
by Sam Mclaughlin
Replied by Sam Mclaughlin on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
There are a lot of variables to that answer.
Topic Author
Group member
1 year 11 months ago #637280
by Group member
Replied by Group member on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
Yes! I agree! They haven't sent any inspectors out yet, which I thought was odd. Just trying to figure out how far they are in the process.
Topic Author
Group member
1 year 11 months ago #637281
by Group member
Replied by Group member on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
So far we are thinking that it's been under contract for about 30 days.
Topic Author
Shelly Stewart Johnson
1 year 11 months ago #637282
by Shelly Stewart Johnson
Replied by Shelly Stewart Johnson on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
Group member some go by the 30/30/30 rule but it can be even longer.
1 year 11 months ago #637283
by eric rivera
Replied by eric rivera on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
That will take a while. So many moving parts with tax credit.
1 year 11 months ago #637283
by eric rivera
Reply to eric rivera
Topic Author
Marleny Jackson
1 year 11 months ago #637284
by Marleny Jackson
Replied by Marleny Jackson on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
My last took six months.
Topic Author
Karlynne Tucker Scaggs
1 year 11 months ago #637285
by Karlynne Tucker Scaggs
Replied by Karlynne Tucker Scaggs on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
Could take months, could take over a year!
Topic Author
Lee Tifani
1 year 11 months ago #637286
by Lee Tifani
Replied by Lee Tifani on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
They’ll tell you at the last possible second probably
Topic Author
Group member
1 year 11 months ago #637287
by Group member
Replied by Group member on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
Lee Tifani this is our fear
Topic Author
Lee Tifani
1 year 11 months ago #637288
by Lee Tifani
Replied by Lee Tifani on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
Group member it’s always been my experience unfortunately
Topic Author
Stephanie Darlene
1 year 11 months ago #637289
by Stephanie Darlene
Replied by Stephanie Darlene on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
Group member ask for a stay bonus! They won’t want the staff leaving through the process, it can affect the sale
Topic Author
Group member
1 year 11 months ago #637290
by Group member
Replied by Group member on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
Stephanie Darlene yes. We all plan on staying through the end. And they have offered a bonus. I'm just concerned because I live on site
1 year 11 months ago #637291
by Erica Young
Replied by Erica Young on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
Typically 60 days with a possible 30 day extension. Whomever the new management company is going to be, they should interview you to stay on. It can take 3-4 weeks to get the contract signed before the 60-90 days start. Once the new owners do the unit by unit inspection you are typically at 3-20 days in, or sometimes 5 days pre contract.
1 year 11 months ago #637291
by Erica Young
Reply to Erica Young
1 year 11 months ago #637292
by Grace Law
Replied by Grace Law on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
Erica Young hiring the staff depends on a couple of things. Does the employee impress the new company and what salary does the employee want.My company has bought several properties in the past two years and we have kept only one employee from them
1 year 11 months ago #637293
by Erica Young
Replied by Erica Young on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
Grace Law Our management company keeps most of the staff when we buy.
1 year 11 months ago #637293
by Erica Young
Reply to Erica Young
Topic Author
Group member
1 year 11 months ago #637294
by Group member
Replied by Group member on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
Erica Young yes, when our current owners purchased the property, they kept us.
Topic Author
Michelle Cornelison-Cruz
1 year 11 months ago #637295
by Michelle Cornelison-Cruz
Replied by Michelle Cornelison-Cruz on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
About 60 days after DD.
1 year 11 months ago #637296
by Spencer Leech
Replied by Spencer Leech on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
If you are under year 10 the transaction can take a 6-months to a year. Year 11-15 will take almost as long. Beyond year 15 maybe a month longer than a conventional transaction.
1 year 11 months ago #637296
by Spencer Leech
Reply to Spencer Leech
Topic Author
Group member
1 year 11 months ago #637297
by Group member
Replied by Group member on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
Spencer Leech it's about 23 years. New owners bought it about 2 years ago
1 year 11 months ago #637298
by Spencer Leech
Replied by Spencer Leech on topic Re: How long does the sale of a LIHTC property take once they enter due diligence?
Group member Okay, then it should not take too much longer than a conventional transaction.
1 year 11 months ago #637298
by Spencer Leech