Friday, January 25, 2013

The Morgan goes up for Auction

Got a couple million in the bank?  You COULD be the NEW owners of The Morgan in North Bethesda, a Class A 127 apartment Complex going up for Substitute Trustees' Sale on February 1, 2013 at 11am.

This is great real estate but poor visibility.  I believe it was developed by multifamily REIT, AvalonBay but don't quote me on that.
What does a Substitute Trustees' Sale mean exactly? Well, it appears the owner of the Morgan has not paid its mortgage and the complex will now go up for auction to the highest bidder.  HOWEVER, most of the time the owner wants to keep the property and will continue to negotiate with their lender, causing them to stall or cancel the auction.  OR another thing that happens quite often is the owner may declare bankrupcy causing the entire foreclosure process to stall completely. 

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