This time, the mortgage banking industry is not taking any chances. Stung by the subprime mortgage crisis, the tightening credit market, Wall Street layoffs and other bleak economic indicators, banks are nervous. And this time around — in contrast to other periods in real estate history — lenders are not waiting for the owners of commercial properties to go into foreclosure. Instead they are discounting and selling off mortgages on commercial properties where borrowers are having trouble making payments.
Rick this is a great question. If you are familiar with short sales this does work in the commercial arena also. Your first step is to establish the value either by appraisal or your own investigation. Next do your title work to find out the mortgage balance and other leins. Once these items have been established you can begin to craft you offer.
You can contact the bank and ask for the loss mitigation department to ask them what documents are required and to send you the document package. As far as the contract any type of real estate sales contract should work unless the bank requires something other.
This is only a very quick "short sale course" I hope this is a help.
Wishing you all the best and looking forward to speaking to you
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f you are looking for a commercial property or lot, now is a great time to borrow money on very aggressive terms. In the majority of instances, this makes great sense if you are currently leasing your own office space. Owning your own commercial property puts you in the driver’s seat, so take a look at our MLS map search features, powered by Sunsurfer LLC and google map to find the hottest commercial deal near you!
In regard to foreclosures, seriously put some thought into this: Recently, we worked with a client on a foreclosure property that sold in 2005 for $873,000, the home was in foreclosure and after successfully negotiating with the bank, our offer was accepted for over half price, $435,000. Did I mention that there was absolutely nothing wrong with the property? Often times, people associate foreclosure properties with "in rough shape," that assumption could not be further from the truth. Make no mistake, you don’t want you to miss out on these opportunities… you can get a lot of home for your buck! See if you can top that one! If you, or someone you know got a better deal, I want to know about it. Post a comment, or foreclosure comment below, or simply start searching for your forclosure bargain here at Sunsurfer LLC.