In the vast majority of cases, the lender or note holder conducting a foreclosure sale becomes the owner of the property as a result of the sale. Regardless of whether Balch assisted in the foreclosure, we can assist in the management and sale of the property.
Every property is unique and different approaches apply to different properties. For some properties, the new owner will need help removing the borrower or its tenants from the property post-foreclosure. For other properties, the new owner will need help in ensuring the previous owner’s tenant continues to occupy the property (e.g., government tenants). Some properties will be subject to property owner associations (e.g., condo, homeowner, etc.) which can present challenges. In some instances, the new owner will need help in resolving title issues before the property can be sold.
The client’s ultimate goal is to maximize value in its sale of property. Whether it is the sale of a single parcel or a portfolio of properties, our firm can negotiate the sale, draft the sales contract, and close the transaction for the client.
Our team works throughout the Southeast not only with banks and other traditional lenders, but also with institutional and individual note buyers.
Sale of ORE Property: Balch has represented the foreclosing lender or note holder in the sale of hundreds of properties (residential, commercial, healthcare, industrial, etc.) throughout the Southeast including both the sale of individual parcels as well as portfolios of properties. Our representation includes drafting and negotiating the sales contract as well as conducting the closing of the transaction.
Obtaining Possession of Foreclosed Property: Regardless of whether Balch conducted the foreclosure, the firm often assists owners of foreclosed property in obtaining possession of the property. While this often requires court action, we frequently negotiate out-of-court resolutions. The firm can also prepare form documents and assist institutional clients with the implementation of procedures to allow the client to obtain possession of properties (e.g., “cash for keys” agreements).
Managing ORE Property: While the owner of foreclosed property typically wants immediate possession, there are exceptions. Balch has considerable experience working with tenants to ensure a smooth transfer of ownership of foreclosed property while keeping an existing lease in place or negotiating a new lease. For example, when one client foreclosed properties in multiple states that all were leased to the General Services Administration (“GSA”), Balch navigated the client through the novation process.
Addressing Post-Foreclosure Title Issues: In a perfect world, title issues impacting the marketability of foreclosed property would be remedied prior to the foreclosure sale. This is not a perfect world. Balch frequently remedies title issues impacting foreclosed property in order to ensure these issues will not stop a subsequent sale of the property.