The Good News! According to several sources considered to be knowledgeable and up to date with the Denver Commercial Foreclosure Market, there has been increased interest in the purchase of Bank Owned Commercial Properties and Commercial Foreclosures in the first Quarter of 2011. According to Public Assessor Records in the 8 County Denver Metro Area, there has been an increase in the number of Bank Owned Commercial Properties that have been filed and actually taken all the way to the Public Trustee Sale.
During most of 2010 it was believed by some analysists 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. Much of this negotiating was predicated on their being no interest in the private sector in the Purchase of these Pre-Foreclosure Properties.
The Bad News; The recent fiasco in Washington Over a Balanced Budget and whether the Government would continue to be funded has not instilled confidence in the Private Sector Investors, to move forward and speculate on the Purchase of the many Bank Owned Commercial Properties that are Available. More news and updates in this Area as it becomes available.
