Commercial Loss Mitigation Services for Lenders, Businesses and Investors.

The "Golden Rule" Of Loss Mitigation:
" Your first loss is your best loss "

Time is of the Essence!

Avoid Foreclosure: Auction offers true current market value and can offer quick cash out solution for both Lender and Borrower via a Bounds Auction Company's loss mitigation property liquidation plan.

For lenders, The Bounds Auction Company is offering a low cost alternative to costly foreclosure procedures and value lost to equity erosion, legal fees, holding costs and damage to property from vandals, squatters and Mother Nature. Typical losses to foreclosing lenders are currently estimated $40,000 to $50,000 PER PROPERTY just in legal fees, equity erosion and holding costs.

For borrowers who realize that they are going to become unable to continue to maintain payment or quickly sell the property, Bounds Auction Company offers the quickest lowest cost alternative to credit devastating bankruptcy or property equity abandonment.

Each property receives: a certified 3rd party inspection report, a 3rd party pre-forclosure appraisal ( if required by lender), commitment to title insurance & a special needs assessment ( triage, relock and clean out as needed).  Properties may be placed in a pool and receive equal professional auction marketing via a single fixed, per property price or are marketed singly, depending upon the circumstance. Seller's pay in advance only for these services at actual cost in addition to a no sale fee in the event of rejected offers.
A FRACTION of the cost of foreclosure processing and Realtor commissions and lost value!

NO Sales Commission is charged sellers or lenders.  Costs only !

Pooled properties can be offered regionally via live events. All offering are augmented by Real Time Internet bidding and deliver current cash market value.

Commercial Real Property and Business Assets: The Bounds Auction Company accepts commercial property loss mitigation assignments on a property by property basis. Business liquidation services are considered on a by the job basis as each case is unique.

Some US Govt. statistics to consider:

1. 40% of foreclosed properties are broken into by squatters. Lawn signs just help them to identify the vacant properties.

2. 80% of those broken into are severely damaged. Scrap copper prices are high. Entire plumbing systems can disappear overnight.

3. 30% contain at least some of the last owners personal property that has yet to be claimed. Under most state laws of abandonment, the new owner is responsible for storage for up to 30 days. Many banks do that storage by securing it in the residence until that time has elapsed. Much of the property is stolen by break-ins and the banks are responsible for the loss.

4. Drug use in abandoned homes increased by 70% although an exact figure can not be obtained.

5. 30% have abandoned pets are in the house, on the grounds, or in the neighborhood when foreclosed upon owners can't take them. One realtor reports that she has rescued as many pets as possible-with four cats, three dogs, a bird, and some staving fish, she can't take more and hope that others will.

6. 5% of foreclosures will suffer a complete loss by fire, usually from break-ins or squatters using make shift heat.

7. Squatting and drug use is becoming such a serious issue, that many workmen and agents will not enter a foreclosed home unless it is first checked by the police.

8. Power companies are having to shut off power at the pole after some squatters have illegally bypassed the meter to restore power.

9. 30% of new owners are physically threatened when they take over the property by squatters who try to claim ownership.

A Bounds Auction Company Loss Mitigation Plan will secure the asset. Remove all personalty and triage the premises. Perform a certified inspect and produce a report on the premises condition, prepare a commitment to title insurance, conduct an extensive auction marketing program and exchange the property for current market cash value in as little as 4 to 6 weeks, depending upon number of properties in the portfolio. This program is completely scalable to any amount of properties over any region. Cost per property currently ranges between $3,500 and $5,000 depending upon size of portfolio and property needs.

100 West Ave. Suite 200 Beaver Hill South Jenkintown PA 19046  215 277 5384