This article not only gives some good news regarding commercial real estate markets, but it highlights how commercial real estate auctions are a great way to obtain commercial properties.
“It’s funny, but many people don’t even realize you can purchase commercial properties at the foreclosure auctions,” Roddy said in a statement. “But, I see some great deals at the auction. At the last auction, one buyer paid just 52 cents on the dollar for a small apartment complex in Dallas. The 11,000-square-foot complex was built in 1986 and has an assessed value of around $670,000, but the buyer only paid $345,000.”
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This article brings up a good point that as a property owner, you need to pay attention to local laws and happenings surrounding commercial property foreclosures.
Cook Co. reaching out to those due money after property foreclosure
August 25, 2011|By Mary Ellen Podmolik | Tribune reporter
Two years after unveiling a search engine for former property owners to determine if foreclosure surplus funds due them, $16 million sits in an interest-bearing account with the Cook County Clerk of the Circuit Court.
Now, that office is teaming up with other county and state agencies to get their word out to 1,944 former property owners who are entitled to a share of the funds.
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One of our upcoming auctions. Make sure to take a look and let us know if you have any questions.
Here is a recent press release for some more information >> http://bit.ly/qZzXns
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Some recent news regarding auctions and government. What do you think? Let us know you thoughts?
Genesee County officials are pushing to change state law and give county treasurers more discretion on when and how to put foreclosed houses on the auction block.
The hope is to prevent so-called “scavenger sales,” in which real estate speculators often buy groups of homes on the cheap and flip them for a quick profit to unsuspecting buyers.
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By: Buck Wargo | Vegas Inc.
We’re all too familiar with the myriad stories about people who, because of an adjustable rate mortgage or job loss, have lost their home to foreclosure. But the bursting housing bubble depressed the economy and ultimately spread to the commercial side of the real estate equation that already had a glut of space from overbuilding during the Las Vegas boom market. Businesses closed or wanted to relocate to pay cheaper rent. Landlords of office, industrial and retail properties subsequently lost tenants and couldn’t afford to make their loan payments or banks wouldn’t extend loans made prior to the recession.
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By Michael R. Dover | RE Journals
Distressed properties have long been a target for investors and the continuing weakness in the property market is luring many new players. Foreclosure auctions involving lenders are a typical option investors use to acquire distressed properties. However, many investors are acquiring properties by opting to purchase a foreclosing lender’s note and mortgage at a discount. This article examines common pitfalls relating to collecting rents when an investor purchases a note and mortgage on distressed commercial properties.
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Have you ever made an offer to a Bank on an REO property and been rejected? Of course you have. And you probably thought you were doing the bank a favor by making the offer. Did you get your feelings hurt? I would have if it happened to me. Here is a reason why you should always plan to be in the game by attending an auction.
Recent article about the coming uptick in auctions. With these market conditions, we will only see more auctions.
Federal regulators are now putting tremendous pressure on banks to dispose of bad loans and properties that they’ve held for an excessive length of time. “According to RealtyTrac Senior Vice President Rick Sharga, major banks currently hold roughly 1 million REOs …,” Real Estate Insider News reports. “Only 30 percent have actually made it onto the market … that means 70 percent of the homes the banks have already foreclosed on are sitting vacant. These homes are all expected to hit the market in the next few months.”
This is an interesting article about how commercial real estate auctions can be mismanaged and wasted as an opportunity. Couldn’t agree more that auctions should be left for those who know the trade.
OUR VIEW: Council should leave real estate to the professionals
Herald News Editorial Board
Posted Jun 20, 2011
The City Council has badly muffed its best opportunity to sell two of 15 unused schools it glommed onto nearly two years ago, calling the wisdom of the initial property transfer into question and underscoring the folly of leaving real estate marketing and sales in the hands of city councilors.
Here’s another example of how distressed assets are making a mark across the globe. Stories like these will continue to come out.
By: Cathal Dervan, IrishCentral.com Staff Writer
Distressed property auctions are fast becoming the norm in Ireland – the only section of the real estate business to show any signs of recovery.
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