Written by Hayim Mizrachi, Sr. Commercial Advisor hayim@prucre.com

Prudential | IPG announced the Commercial REO Division in the first quarter of 2009 as a response to what we anticipate to be a 24 – 36 month commercial foreclosure market.

While we are not the only agents in our office working on banked owned property, our team has been designed to work in conjunction with financial institutions Chief Credit Officer and/or Special Asset Managers to service a property inclusively from Default-to-Disposition.

We identified the need for this hands-on approach early in 2008 when we noticed a growing number of monthly default filings. That February we surveyed all of the NV State Chartered banks and received the same reply across the board, “We don’t have any bad notes. Thank you for your call.” That reply modified slightly as recent as five months ago to, “Thank you for your call, we have it under control.” Today there are a small amount of advertisements popping up from local commercial brokerage houses, (including Prudential | IPG) headlined with “Bank Owned.”

For a more in depth report please contact Hayim Mizrachi at 702-853-4257 or hayimm@prucres.com.