First Commercial Real Estate Trustee Sale I Attended This Week

This week was very interesting. Unfortunately, one of my really good clients was foreclosed on.

I want to bring a few items to your attention if your bank or lender states they will work with you:

1. At the foreclosure sale, be prepared to see people that you have spoken to about the project you were trying to sell for your client.
2. The bank or lender is NOT there to help you out.

At the attorney's office, the other person that was at the sale was there for the bank.

Regarding the bank representative, I have an issue with this particular person. This person is a developer and owner of commercial property in the valley. This person has a "banking relationship" with the bank that foreclosed on the propery. One of this person's partners was a person that was "interersted" in purchasing one of the foreclosed properties. So, now, not only did the bank hire a client of the bank to resale the property on behalf of the bank, but the person hired also has a partner that was interested in one of the foreclosed properties. Collusion??

Be careful out there!

CCIM/IREM Forecast this week

For those of you that can make it, the CCIM/IREM Forecast is this week. The keynote speaker this year is Dr. Barry Asmus. Dr. Barry Asmus has been named by USA Today as one of the five most requested speakers in the United States. As a Senior Economist for the prestigious National Center for Policy Analysis, Dr. Asmus does more than just speak on policies, he is actively involved with their implementation. With over twenty-five years experience on the speaking platform, Dr. Asmus presents a powerful picture of America’s future, both here and abroad.

Here are the details:
Arizona Biltmore Resort & Spa
2400 E. Missouri Avenue, Phoneix
Casa/Flagstaff Room

7:00am - Check In starts
8:00am - 12:00pm - Program

Guest: $55.00
Late Registration/Walk-in (1/9/09): $65

Let me know if you plan to attend!