UPdate! According to several sources considered to be knowledgeable and up to date with the Denver Commercial Foreclosure Market, there has been a decrease in interest for the purchase of Bank Owned Commercial Properties and Commercial Foreclosures in the third Quarter of 2012. 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 but few are actually being taken all the way to the Public Trustee Sale.
During most of 2010-2011 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. There seemed to be a change in this thinking during 2011 and sales of foreclosed commercial properties seemed to be on the rise through the end of 2011 but the lack of positive change in the nations economy durring 2012 seems to have reversed this trend..
With the outcome of the election seemingly being so close and the changes to current Banking policy that may occur with either candidate being victorious, Commercial Foreclosures appear to be in limbo and the processing of the many Bank Owned Commercial Properties seems to be on hold until…… More news and updates in this Area as it becomes available.