Tranzon Auction Properties - Real Estate Auction Blog

The Florida Bankruptcy Court in Palm Beach approved the sale of the nine operational Continuum Care Corp. assisted living/skilled nursing facilities in Maryland, North Carolina and Tennessee.

The Georgia non-profit group filed for Chapter 11 bankruptcy protection in October of 2004 in the Southern District of Florida. Continuum care owned 11 properties, nine of which were operational. The other two were closed.

The U.S. Trustee in the case hired accelerated marketing/auction specialist Tranzon Driggers with the goal of selling the operational properties as ongoing business concerns to either one owner or several owners, and offering the two closed facilities to prospective buyers as well.

Tranzon Driggers, in Ocala, FL, managed the successful sealed-bid May 30 auction of all operational facilities in tandem with the Northern VA office of Tranzon Fox.

According to Stephen Karbelk, CAI, regional president of Tranzon Fox and the lead project manager on the sale, the court approved the highest bidders from the May 30 sealed-bid auction. The nine operating facilities were purchased by four different bidders for an aggregate price of $12.06 million. The closings are expected to occur by the end of next month.

1,615± sf 1½-Story Antique Cape • 31± Acres

Description:

• 1,615± sf 1½-Story Antique Cape • 31± Acres • Outbuildings, Including 6-Stall Barn, Great for Horses, etc. • 4 BR • 1 BA • 3 Fireplaces • 1 Wood Stove • HWBB Oil Heat • Private Water & Sewer

Tuesday, June 12, 2007 By ALAN ZIBEL AP Business Writer

WASHINGTON (AP) Millions of Americans with weak credit who took out mortgages the past few years are caught in a tug of war between Wall Street firms, banks and hedge funds.

Who wins the dispute could have more impact on how many homeowners get financial help to avert default and foreclosure than anything Congress or regulators are contemplating in the near term.

Washington seems to be taking a wait-and-see approach even as the housing market’s woes worsen. Foreclosures in 2007 are twice what they were two years ago at this time.

And monthly payments on more than 8.4 million adjustable-rate mortgages issued since 2004 will be affected by rising interest rates on reset dates the next few years. Research firm First American CoreLogic predicts $326 billion, or 13 percent, of outstanding loans will default. (Click here to read the full article)