REO Assets: The Perfect Storm - Avoiding the Reefs
Camellia Schuk participated in a panel discussion targeted for lenders who have become real estate owners.
The discussion topics included:
- What are the pitfalls of owning a real estate asset that is encumbered by a CFD whose improvements are not complete?
- Now that the lender owns the property, has stepped into the shoes of the declarant and is the default president of the HOA, what’s next?
- How to identify and manage a gauntlet of potential issues – including expiring entitlements, incomplete common areas, delinquent assessments, and warranty and/or defect claims – in order to come out the other side with a residential, industrial-for-sale or office condominium project that pencils?
The program also covered commercial and income REO property issues, relative to leases, subordination agreements/SNDA's, insurance, environmental issues, deferred maintenance, and capital improvements.