Distressed Homes for Sale Getting Attention From Commercial Agents

Several commercial real estate businesses in Roanoke, Virginia are trying to do their share to rescue owners of distressed homes for sale by establishing separate divisions that will deal exclusively with distressed property problems.

Although this effort is largely aimed at the distressed commercial market, residential properties and other bank owned property for sale can also benefit from the services that these companies are offering, particularly in terms of handling distressed property sales.

According to local reports, most real property agents have become more creative in terms of dealing with foreclosure. Commercial property agents are reportedly collaborating with lenders to manage both commercial and residential properties that are in danger of being sold at foreclosure home auctions.

Part of the services being offered by these agents are finding investors for commercial property owners and helping home owners find alternative ways to avoid having their properties foreclosed.

The decision of commercial property companies to build separate divisions for distressed real estate and homeowners in danger of being included in repo house lists will also benefit the firms, as demand for their services continue to increase in the area in reaction to national economic troubles.

Owners of distressed homes for sale are also getting help from other segments, including the National Association of Industrial and Office Properties, which conducted a discussion featuring an expert panel that answered queries and advised real estate agents on how to sell distressed properties.

In the commercial front, distressed real estate in the U.S. rose by 145% in April compared with the same month of 2009. Global research firm Real Capital Analytics had reported that more than nine thousand properties are in trouble in April, compared with almost four thousand in April 2009.

Locally, Virginia has only 158 distressed commercial properties in April, which is worth $3.2 billion. In Roanoke, agents have reported that industrial and retail properties have been hit the hardest by the real property crisis. This trend is being blamed on a combination of factors that include bankruptcies and national economic problems.

Distressed homes for sale might not be the main focus of commercial property companies’ latest effort, but homeowners are expected to also benefit since they can also avail of the services offered by these firms.

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