Victor’s Insider Scoop on Where Are The Commercial REO Deals? …
February 15th, 2009 | top of page
Skimming the deals done during the first two months of 2009 I am taken aback more by deals I perceive to be missing versus details of deals that have closed. I have spoken to several investors during the past few months about their acquisition criteria and there have been a few common threads: there is a lot of cash sitting on the sidelines waiting, no one is convinced the bottom is at hand, and everyone thinks foreclosures on commercial real estate backed notes will be as bad as those continuing to hit the residential market. So where are the documented commercial sales from lenders? Nowhere to be seen. Yet.
I have had some clients write offers to lenders to buy notes on commercial properties currently in default. The lenders?f responses were: Thank You But Not Interested. And no, these were not vulture offers but reasonable proposals reflecting the current market and allowing for lengthy hold periods.
Everyone thinks that will change. Soon.
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PS – If you are ready to begin to thrive again by getting off the sidelines and putting your money to work give me a call at 602-320-6200. I see lots of deals and may have just what you are looking for.