Mike Carey from Tranzon Auction Properties has been involved in the sale of an estimated 10,000 distressed bank assets including REO and notes over his career. This week I interviewed Mike to have him tell us about working with banks.
We talk about:
- How workout and special assets officers make decisions.
- How to add value to the process so that you get repeat business from these types of sellers.
- How to know if you should bring a property to auction.
- How to make sure you get the best deal possible at an auction.
- And a whole bunch more…
Mike and I worked together for about 6 years and sold a lot of commercial, construction, and multifamily REO and foreclosures for banks as auctioneers and brokers.
We liked to say that we had 3 bites at the apple – before the auction, at the auction, and if necessary after the auction. No matter what we’d get the assets sold. When you bring that type of commitment and value to a seller they’ll do deals with you agin and again and again.