UPdate! According to several sources considered to be knowledgeable and up to date with the Denver Commercial Foreclosure Market, there has been a increase in interest for the purchase of Bank Owned Commercial Properties. Commercial Foreclosure filings have declined from the third Quarter of 2013 and continuing into 2014. According to Public Trustee Records in the 8 County Denver Metro Area, there has been a decrease in the number of Commercial Property Foreclosures that have been filed and few are actually being taken all the way to the Public Trustee Sale.
During most of 2010-2013 it was believed by some analysts that many Banks did not want to Foreclose against Bank Owned Commercial Properties because of the cost of managing and holding them if they were unable to negotiate a reasonably quick sale. In many cases the additional Cost of Management and No Receipt of any Mortgage payments would have been more then just not receiving any Mortgage Payments even when receiving the additional Property Income. In some cases Banks had negotiated terms with the Mortgagors to delay and/or waive Mortgage payment for a specified period of time or until Leases, Pending Sales or other conditions could be met. There seems to be a change in this trend as of late 2013 and sales of foreclosed commercial properties seem to be on the rise as of the third quarter of 2013. Whether this trend will continue in the later part of election year 2014 remains to be seen.
The outcome of the 2014 election could bring many economic changes including the possible repeal of the ACA and the final approval of the Keystone Pipeline if the Republican Party should be victorious. All of this could change the demand for Commercial Property and Bank Owned Commercial Properties may decline to levels seen before 2008. Let us all hope for this type of improvement.