Commercial Short Sales Anyone?

Comments(7)

• 
  cjmazur2nd October, 2008

  It has been hit and miss.
  
  The relationship w/ the bank is key.
  
  Thanks to big law firm, they had/have contacts at alot of bank andin some cases couple intros.
  
  Mostly notes, but short sale.
  
  The only SBA loan (2nd) I dealt with had an unrealistic value expectation on the value, and bought the 1st.
  
  I never followed it thru disposition of the REO.

• 
  WesDrown2nd October, 2008

  I think there may be a real opportunity here...so many investors purchased Small office and retail buildings after making it big in residential, but they believed the market was going to continue upwards and are now sitting on partially filled buildings, and loans that are larger than the income from the leases. I am checking with B of A, and some residential short sale negotiators, to see what the prospects are of getting into Short sales on commercial in my market. If I can get it working, it may appeal to those of you on this forum.
  
  Wes Drown, CCIM

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  ICGPROPERTIES21st November, 2008

  We were successful in shorting an 18 unit building from 1.875 Million to a purchase price of 850K. You need to do alot of actual negotiating with a bank officer, rather than paperwork like on a residential short sale.

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  farrisb1st December, 2009

  I am also working on acquiring commercial assets either at the auction or before the auction (short sale) because not many commercial assets actually make it to the auction as the beneficiary keeps postponing the inevitable.
  
  Its my impression that you need to first find who the servicer is, get in contact with them, then discuss with them how to work out a deal. Does anybody have any experience on this that they could weigh in here…[ Edited by farrisb on Date 12/01/2009 ]

• 
  shortsalediva2nd December, 2009

  I am also looking into negotiating short sales for Commercial properties, I have negotiated residential short sales for 5 yrs now and want to expand my services to include commercial. I have heard that you can ask asset managers at banks and title companies to get their default lists or by simply networking in this industry. Would love to get more info on this as well.
  
  Gigi Fernando
  Short Sale Processing Mgr

• 
  Hopefully22nd October, 2009

  Thanks. I already figured that out. I am creating a document called "Finders Agreement" he is willing to sign.

• 
  farrisb1st December, 2009

  Hopefully,
  
  do you have a copy of that agreement. I found a property and am looking for the same type of document.
  
  Thanks in advance!