Yesterday, I created a new discussion group on LinkedIn, the social networking site for business. The group is called: Bank Owned Properties Marketing Group.
The intent of this online forum is to facilitate discussions and problem-solving regarding bank-owned commercial/investment properties. The number of properties coming into the pipeline is increasing, as banks are being forced by federal authoritities to keep more cash on hand. That is causing debt to equity ratios to be changed, and lenders are telling borrowers, "wow you've been a great credit risk and we really enjoy having you as our customer, and your credit rating is still high and you've never missed a payment.....but we need $100,000 in the next two weeks or we have to call your note."
....Which it turning the commercial/investment real estate market on its ear. As a result, more investment properties are coming available, labeled as distressed even though it is an artificial tag foisted on them by rules that were changed even though owners were playing by the rules all along. Of course there are also properties coming available by way of foreclosure that were not properly managed, or because over-eager buyers jumped into the market not knowing what they were doing, or by borrowing funds at high interest rates.
Who's in charge now? Buyers, that's who. And more and more buyers are asking for info on distressed properties. At Prudential Commercial we are working to find buyers for bank owned properties (REOs). Which jump-starts lots of discussions.
...Which is why I created the new discussion/marketing/problem solving forum on LinkedIn. It will be a place where principals, as well as agents, can kick thoughts around.
Stop by if you have a chance and join in the discussion!
No comments:
Post a Comment