Even though the condition of the commercial real estate market has dramatically improved since the 2008 recession, commercial property loan defaults and foreclosure filings continue at an alarming rate in Northeast Ohio and around the country. Because a large number of loans made between 2005 and 2007 are now maturing and the property owners/borrowers have limited ability to refinance due to declines in property values, this trend continues.
Watch this roundtable discussion of emerging alternatives to marketing commercial real estate in today’s market. Hear what Ron Friedberg and Robert Fuerst of Meyers Roman and Mark Abood of Hanna Commercial Real Estate have to say about disposition options to property foreclosures which are typically costly and cumbersome. These options include receiverships–where recent changes in Ohio law have made it easier and quicker for a court-appointed receiver to dispose of commercial real estate property–as well as auctions, note sales and other accelerated alternatives.