COMMERCIAL REAL ESTATE
Asset Resolutions & Seller Representation | First Financial Credit Union
Services Provided
Seller Representation
Statistics
Client
Client
Case Study
9775 North By Northwest Boulevard
Fishers, IN
Background
Strategy
Results
STRATEGY
First Financial Bank, N.A. ("FFB") and their Attorney appointed Mitch to liquidate a conference & banquet center with interstate frontage due to Mitch’s experience with Sheriff Sales via Private Auctioneer. Mitch was charged with liquidating the real property while there was a fully-operational business in place, all the while attempting to foster a relationship with the now uncooperative and disobliging owner of the real property, who also owned the operational business. Through the foreclosure process, ties between FFB and the property owner became strained, which nearly derailed FFB’s liquidation efforts. Mitch worked through the legal process with FFB’s Attorney and the Sheriff’s Department, marketed the property for sale at auction, cared for the existing tenant so as to not disrupt business operations, ensured that all prospective bidders understood the situation and manner of liquidation, conducted the auction, and handled all post-closing items with the successful bidder and the Sheriff’s Department.
RESULTS
After conducting many on-site inspections/previews with prospective bidders and exhausting all marketing efforts, a successful auction was conducted at the subject property. A sale price of approximately 40% above the previously-obtained opinion of value was achieved at the auction, FFB did not exercise their right to bid against their awarded summary judgment and the property was sold to a third party. Mitch worked with the successful bidders, their lender, FFB’s Attorney, and the Sheriff’s Department to draft the necessary conveyance & legal documents so a closing would be accommodated within four weeks after the auction.
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