Pushing Dirt

The pool of commercial lender owned real estate (or real estate owned - reo) Much foreclosed commercial property today was encumbered by a CMBS loan (i.e. securitized, conduit loan). When CMBS loans go into default, a third party called a special servicer takes over. There is a small handful of special servicers nationwide assigned the duties of working out troubled loans or if necessary taking them through the foreclosure process. You need to get to know the special servicers, ideally before they need you. the mortgage bankers association should have a list with contact information (mbaa.org). call each one, ask for the person dealing with “troubled loans” and real estate owned (reo) in your state. then “farm” them (to borrow from the residential parlance), calling or emailing them periodically and offering to help with market information if they need your help.

Tags: bank owned real estate, CMBS, reo

This entry was posted on Sunday, March 23rd, 2008 at 4:55 pm and is filed under brokerage. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.