Foreclosures Pick Up, Starting With The Largest Landlords
At the same time, property owners are becoming more willing to consider offers from buyers as foreclosures have “unmasked” a greater decline in the market that could impact them, according to Case Property Services Managing Partner Shlomo Chopp.
“Deals could get done easier because the threat of foreclosure has a real risk attached to it, meaning ‘I can actually get hurt if I go to foreclosure because I could lose money on the deal,’” Chopp said.
Still, despite increased threats, larger, well-capitalized owners have options that smaller firms may not. To allow for modifications, lenders may want to see an injection of capital or provide refinancing with higher costs.