When it comes to commercial real estate, it pays to be tenacious! Just ask Peter Holmes of the North Fulton office, who not only gained a healthy commission, but also helped a business owner avoid foreclosure.

“I came across the property, an auto repair garage, and noticed that it was going out of business,” said Holmes. “My first communication with him was a hand written note I left on the door. He ended up calling me soon after.”

After Holmes spoke with the owner, they set up a face to face meeting. But the listing wasn’t actually secured until at least 20 emails had passed between the two.

“He wasn't going to be convinced easily that I was there to help him,” explains Holmes. “I told him that the last thing anyone in this community needs is another foreclosure impaling our economy and that my main interest was in helping him get out clean. He was on the ball after that.”

The seller had filed Chapter 11 Bankruptcy in order to buy some time, which meant they had to get the bankruptcy judge’s approval to list and sell the property. They also had to get the approval of all the secured creditors.

“We found a buyer, haggled with him, coaxed him up to what we thought was a reasonable price and submitted his offer to the creditors for review,” said Holmes.

Even though there were three secured liens on the property, all of them agreed to accept lesser amounts than what was owed. The seller’s attorney filed a motion to sell with the court, and Holmes scheduled a closing for the second week in December.

“The entire deal almost fell apart,” said Holmes. “The first priority lien holder suddenly decided they would rather come out whole, and completely pulled the rug out from under us by foreclosing the property on December 2nd.”

Holmes continues: “Over the Thanksgiving weekend, the other agent and I worked diligently to get the property closed before it was scheduled to foreclose. We ended up going to closing one day before the scheduled foreclosure.”

The final price of the listing ended up being almost $2 million, which the seller was very pleased with and started with Holmes leaving a simple note on the door of a closing business.

“Now, I am a self proclaimed expert on selling property involved in Chapter 11 bankruptcy,” said Holmes. “I honestly believe that aside from the ready, willing and able buyer, it was the Realtors who prevented the foreclosure.”

Holmes recently joined Metro Brokers^SM, and took advantage of both Broker Support and Dan Hinson, Director of Commercial and Business Brokerage. “It was great having them there to answer my questions”, he stated.

To contact Peter Holmes of the North Fulton office, call 404.843.2500 or visit metrobrokers.com/peter.holmes.

To contact Metro Brokers, call 404.843.2500 or visit metrobrokers.com.