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#295304 - 06/17/09 09:07 PM Good information gathering tactics
rogers6569 Offline
Junior Member

Registered: 06/09/09
Posts: 8
Loc: Kearney, Nebraska
I apologize for the neive question...but I'm new...

Was wondering if there was a good way to gather information on a commercial building that is waiting to go into trustee sale? My client is interested on two buildings that are up for auction in July..but wants to wait until the bank buys the property back first. He wants me to gather NNN expense info as well as tenant leasing terms to see if these properties will be worth buying. The company that currently owns the property is being hush hush and won't give any info. The bank doesn't have a lot of the right info (electric bills, taxes, etc.) So, now what?

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#295327 - 06/18/09 12:15 AM Re: Good information gathering tactics [Re: rogers6569]
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 7214
Loc: georgia
In my area www.costar.com would have that info.

If not you need to find out the auction amount at the foreclosure sale. If the senior lien foreclosing is at a really great price an investor will buy it then at the steps and the bank won't take it back. The current numbers are only half the story and the real value is the upside that the new owner can create.

If you can't get the info they will have to wait until the bank takes it back and get it while under contract in the due diligence period. You could also offer to do a commercial short sale and buy from the current owner. The only reason they wouldn't entertain an offer is if they feel they can joint venture,refi,or file bk to stop the sale to buy some time.

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#299451 - 07/21/09 09:34 PM Re: Good information gathering tactics [Re: super realtor]
shubh Offline
Member

Registered: 05/02/09
Posts: 30
Loc: uttar pradesh, india
I think your client is right, the right information you may get from the lender. You should wait till the building goes for foreclosure or REO. I would suggest to clear all the facts about tenancy also.
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http://foreclosureworkouts.info/

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