Does anyone here work for firms that buy distressed properties out of foreclosure auctions? Particularly thinking something like a hotel in a tertiary market.
It seems like these can go to market with limited public notice, which results in below market transactions. Without going to a broker who specializes in distressed funds or family offices, I’m curious if there’s another source these funds monitor for sales?
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Hi VP in CB, no, I never sleep and so I can respond to any lonely threads (like this one) at all hours of the night. Impressive, I know ;-)
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I hope those threads give you a bit more insight.
Bump
We used to do a lot of this. We specialized in the few markets we liked. There are usually are two ways that someone can foreclose, by advertisement or by notice. Advertisement is the most popular because it allows the lender to still go after the borrower in the case of a deficiency (if fraud and/or PG). You will find these advertisements in local papers and/or finance local finance publications. By definition they need to be publicly available.
Beyond that, we always used our netowork to source. Bamks, attorneys and the like
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