Posts tagged distressed assets
As we round the 3th quarter 0f 2011, we are seeing that lenders are increasingly willing to sell notes/assets to clear up their books. With the real estate recovery under way, more sideline capital are chasing the few opportunities on the market and The increased demand is prompting distressed debt owners to place more of their inventory on the market. More >
Most sellers and brokers use a marketing process that contains a specific “Call for Offers” date upon which initial bids are due. The goal of this effort is to stage follow-up e-mails and calls to encourage all offers to be received at the same time. This creates a sense of urgency and allows for psychological leveraging. I personally, like to provide a sample letter of intent so that all offers are presented in the same format.
NAI Global, the world’s premier global network of commercial real estate firms and one of the largest real estate services providers worldwide, today announced Greg Schecher has joined its Capital Markets group as Senior Vice President, Finance.
The Florida and National Apartment market is on fire!!!!! The lack of quality properties and increased capital have created a bidding war on some trophy assets. NAI Tampa Bay recently listed a 100-Unit Grade B REO asset for a lender and is currently fielding six offers within 48 hours of marketing the property. Overall Apartment prices have increased 25% in the last 12 months and show no sign of slowing down. Vacancy rates have started to decrease, concessions are burning off and the quality of the overall tenant base More >
In 2011 banks and special servicers continue to see growth in the number of foreclosed commercial properties. This despite a dramatic shift of money center banks to sell notes on distressed debt as opposed to directly foreclosing and dealing with the legal mess, the cost and the time requirements to take possession of defaulted real estate. In 2010, one of our special servicer clients sold about $ 3 billion in commercial property in the U.S. Problem was $9 billion of new REO came in the door during the same time period. All these assets came from banks. How can those responsible to sell these assets accelerate the rate at which property can be sold at the best price?
One idea is for banks and others to invest in “Pre-Diligence,” a term coined by the NAI Global Special Asset Solutions team. Today More >