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Updated over 10 years ago on . Most recent reply

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Charles Mangum
  • Aguila, AZ
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What to doif no income statement for multifamily REO for sale?

Charles Mangum
  • Aguila, AZ
Posted

I'm looking at a 24 unit in a small town. The property is bank owned and is ~50% full. The bank has been telling the onsite manager not to lease the property for the last 6-8 months. I'm assuming one would just have to utilize pro-formas to come up with the value of the property. I'm wondering what kind of parameters / assumptions I should make in the proforma to come up with a proforma NOI and subsequently the price I would off

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Bill Exeter
#2 1031 Exchanges Contributor
  • 1031 Exchange Qualified Intermediary
  • San Diego, CA
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Bill Exeter
#2 1031 Exchanges Contributor
  • 1031 Exchange Qualified Intermediary
  • San Diego, CA
Replied

Banks must file a financial report with the FDIC at the end of each calendar quarter. The report is known as the "Call Report." The Call Report includes information such as delinquent loans, non-performing loans, non-performing assets, and REO (real estate that has been foreclosed and taken back by the bank). This data can give you an idea as to whether the bank is distressed and whether or not they might be extra motivated sellers in order to get the non-performing assets off their books, especially when quarter end is right around the corner. Regulators come down hard when the bank's ratios are out of line (too high). The higher the ratios the more motivated they are to get rid of property. You can review and download most bank's Call Reports here: https://cdr.ffiec.gov/public/

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