Case Study: Marina REO Sale Showcases Effective Management & Marketing of a Distressed Property
Lender REO sales tend to be more complicated than standard property transactions. That's why over 100 lenders and servicers rely on Bull Realty to market notes, short sales and REO properties. In the recent sale of a foreclosed marina in Mobile, AL, a lender leveraged the firm's proven marketing platform to quickly attract serious interest in the property. Bull Realty brokers also resolved issues involving the management of the asset and the former owner who refused to vacate the foreclosed property.
Before Bull Realty could sell the 14.7-acre marina on behalf of the lender, the firm needed to provide the necessary expertise to help the lender resolve litigation against the previous owner, who claimed to be a tenant of the marina. While the court case was pending, Bull Realty engaged local property management to maintain the property and collect rent from tenants to keep income flowing for the lender.
Bull Realty conducted research to prove that the “squatter” was indeed the previous owner of record, and that documentation enabled the lender to win the court case. In the meantime, Bull Realty brokers used the firm’s comprehensive database marketing system to contact potential buyers. As a result, it was only 30 days before Bull Realty closed a sale with a local buyer once the court case was successfully resolved.
The expertise Bull Realty provided the lender in this complicated transaction is the reason why a growing number of lenders and servicers call on the firm to market REO properties.
You’re invited to contact Bull Realty at 800-408-2855 to find out more about how we can help you maximize asset value and increase recoveries.