A lot of funds are lining up to make a play for distressed assets. If they don't have the patience to wait for things to cycle through banks and servicers, Mark Foster, attorney at Snell & Wilmer, says there is one group that may soon be ready to make a deal.
"I think the most opportunity [for purchases] is going to be with owners who are older, over 65, and who have done a good job of building a pretty good portfolio," Foster says. "There is a crazy amount of uncertainty, and they may want out. So they're willing to sell it [their asset] at a discount to get out."
When they sell, Foster thinks they'll prefer a buyer that can move quickly. "They want to sell to somebody who is able to close a deal quickly," Foster says. "They're willing to sell it if dips in value because they've owned it forever."
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
