COMMERCIAL AND RESIDENTIAL REO
With over a decade of REO sales experience, Globecore Re offers true REO expertise. Our unique approach to REO sales produces results, with the majority of our REO listings going under contract in less than 14 days and with multiple offers. We are committed to a fast turnaround time (48 hours or less) for all asset related assignments, such as BPO’s, occupancy checks, and property inspections; and we have a strong network of contractors, landscapers, and trash out experts should the property require any work. No REO brokerage works harder or more efficiently than Globecore.
Service Areas
Globecore specializes in the sale of residential, luxury, land, and commercial REO assets; and we provide REO services to the entirety of the Central Florida & Tampa Bay area. Counties served include: Pinellas, Manatee, Sarasota, Hillsborough, Hernando, and Pasco counties, orange , seminole , volusia
Contact
Please feel free to contact us for more information regarding our REO services, sales process, and past sales. We can be found on res.net, equater.com, pyramid platform, and exceleras.com.
(407) 446-0674
Service Areas
Globecore specializes in the sale of residential, luxury, land, and commercial REO assets; and we provide REO services to the entirety of the Central Florida & Tampa Bay area. Counties served include: Pinellas, Manatee, Sarasota, Hillsborough, Hernando, and Pasco counties, orange , seminole , volusia
Contact
Please feel free to contact us for more information regarding our REO services, sales process, and past sales. We can be found on res.net, equater.com, pyramid platform, and exceleras.com.
(407) 446-0674
REO Commercial Real Estate Properties process
With an economic downturn comes collateral damage. The extraordinary events taking place in our world have caused sharp sales declines in all industries. As a result, many businesses are in turmoil, unable to pay their rents. Therefore, property owners can no longer repay their loans, eventually leading to bankruptcy or foreclosure.
From start to finish,Globecore helps financial institutions navigate the challenges surrounding REO properties.
Initially, financial institutions may agree to a short sale of the property, or try to sell the property at a foreclosure auction. If these are unsuccessful, the financial institution takes ownership of the property. These foreclosed properties, known as Real Estate Owned (REO) or Other Real Estate Owned (OREO), become the responsibility – and liability – of the bank or lender.
If you are a lender who has recently acquired a relinquished property, you might be wondering about your options.
REO PROPERTIES: YOUR OPTIONS WITH COMMERCIAL REAL ESTATE
Upon foreclosure of a commercial property, the bank or lender will take ownership of the property. Depending on the property type and class, as well as the location and surrounding CRE market, banks have several possibilities.
Bankruptcy Trustees: Disposition of Assets
Bankruptcy TrusteesDuring bankruptcy proceedings, the courts name trustees to gather remaining assets, dispose of those assets, and use the proceeds to pay creditors. If you’ve been named the trustee of commercial real estate or other real estate properties, we can help you navigate the process.
Bankruptcy law can be complicated, but our expert brokers have experience dealing with bankruptcy trustees. Our highly knowledgeable brokers will work with you to explain the process, find the best solution, and offload these assets on your behalf.
After disposing of these assets, the trustee will pay off any debtors named in the court proceedings and will keep a portion of the profits as payment. Therefore,Globecore focuses on selling foreclosed properties for the best possible price to help you see maximum profits.
Contact a Globecore broker today to discuss your options.
Sell Property As-Is
REO Commercial PropertyIn a strong economic market, banks may choose to sell REO properties as-is, making minimal financial investments in renovations. At the very least, make any necessary repairs and fix any glaring problems. Investors are much less likely to purchase a building that is visibly deteriorating.
However, before making any decisions about your REO property, you should have a firm understanding of the property’s value. Determining the market value of a commercial property can be complicated. Unlike residential real estate, commercial property valuations are based on several factors, including the building’s vacancy rate and future earning potential.
An experienced CRE broker can help you determine the property’s value and help you determine whether selling the asset is the right financial move.
Hold and Lease Until Market Value Increases
In a sluggish market – or an economic downturn like we’re currently experiencing – selling the REO property may not be the wisest financial decision. Instead, the lender may choose to hold the property until market value increases.
Hiring a property management company can help minimize your losses while maximizing income from REO properties.
Of course, in this case, owners of the REO commercial real estate will incur costs to renovate the property, make improvements, and hire a capable management team to find high-quality tenants.
The key here is to limit your financial expenditures while maximizing income from tenants. Those holding properties until the market recovers may choose to make minimal improvements while still meeting tenants’ needs.
Hiring a property management company can help minimize your losses while maximizing income from REO properties. AtGlobecore, we can help manage your commercial properties, suggesting necessary improvements that will increase your property’s value. We will also
identify and seek out high-quality tenants that can increase your monthly earnings and increase the overall property value.
In many cases, investing in building improvements can increase the value of your property in several ways.
Improvements will attract new tenants or more potential buyers. Technology improvements, for instance, can make the property more competitive with others in the area. When up-and-coming businesses look for a space to lease, they’re more likely to choose a renovated space with technological advances.
Even minor repairs, like cosmetic improvements, can increase your desirability and property value.
Increased desirability means increased rent rates. Lower vacancy rates mean higher property values. All of it means more profits for you, the owner.
OUR REO COMMERCIAL PROPERTY
MANAGEMENT SERVICES
REO disposition process
Whether you choose to sell or hold your REO property,Globecore offers services to help you maximize your returns. Our highly experienced team of brokers and property management experts can help you navigate the challenges that come with REO properties. From acquisition to disposition, we can manage the process for you.
Whether you choose to sell or hold your REO property,Globecore offers services to help you maximize your returns.
Leasing Services and Property Management
REO Leasing ServicesShould you choose to hold the REO property, our dedicated and experienced commercial property management team is there to help. We will work closely with existing tenants to negotiate leases. Then, we’ll market the property aggressively, finding high-quality tenants who will add value to the property.
Using our tenant-centric approach, we will ensure your renters are satisfied, keeping them leasing longer, therefore driving up your profits.
Whether your REO property is commercial, office, medical, industrial, multifamily, or another type of CRE, our property management team has you covered.
Comprehensive Property Analysis
REO Property Analysis when you take ownership of an OREO / REO property, you should have a rough estimate of its valuation. Past appraisals, made at the time the property owner applied for a loan, should indicate the building’s estimated value.
However, market values can change quickly. High vacancy rates, current economic trends, and local CRE values can all impact the property’s current value.
Therefore, our CRE broker professionals will do a full evaluation of your property, giving you a detailed analysis of its value. We will compare your property to surrounding submarkets, analyzing trends that can help you determine whether or not to sell.
Create a Plan for the OREO / REO Property
Once we assess your property’s value, we will work with you to create a plan. If you choose to sell, we will create a detailed disposition plan to get your property sold for the maximum price in the shortest time.
Should you decide to hold the asset, we can discuss property management options and improvement plans to match your financial goals.
Property Inspection, Improvement Plans, and Renovation Oversight
Many foreclosed properties are in some state of disrepair. We will inspect your property and suggest improvements based on your goals and budget. We will identify necessary fixes to bring the property up to code, as well as suggest potential renovations that could increase your building’s allure to prospective tenants or buyers.
Once you have approved improvement plans, our team can handle every aspect of the construction and renovation.
