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!