CRES Hotel Brokers are experienced in working with Lenders to help find the best solutions when dealing with distressed properties, including Short Sales.
A Short Sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Therefore, the Owner of the property will forgo their equity, and the Lender will discount the loan borrowed against the property. Both parties consent to the short sale process because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.
If you are a Hotel Owner and would like more information regarding CRES Hotel Brokers' Lender Workout Options, please fill out the form below:
Commercial Real Estate Specialists, Inc.
CRES Hotel Brokers, LLC
97 N. Kingshighway, Ste. 9
Cape Girardeau, MO 63701