Our Experience at Work
Facilitating Bank-Owned and Distressed Real Estate Sales
Sometimes things don’t go as planned. That’s when our lender clients find themselves owning their collateral. HCMP's real estate, lender services, and litigation attorneys work closely together to assist lenders and receivers when they are selling REO (real estate-owned), bank-owned, and distressed real estate assets.
HMCP attorneys provide a wide range of services related to distressed real property, serving as counsel to receivers when they are disposing of assets for the benefit of creditors. And they help banks and financial institutions with sales from portfolios of REO properties, large and small. To that end, HCMP has developed seller-protective purchase and sale agreements that are well-suited for lenders that end up owning property without ever having set foot on it.
HCMP attorneys also work creatively to manage these types of projects in a way that is protective, economic, and predictable for our lender clients. For example, for one lender client with a large portfolio of similar REO assets, it was particularly important to be able to accurately budget for legal costs. HCMP helped achieve that goal. After fine-tuning the lender’s purchase and sale agreement, attorneys helped negotiate and close future deals on a fixed-fee basis so the client could rely on a predictable budget.