The signals
Where the signals come from.
No one record means much. Read together they name the seller, months before a broker does.
From the owner
Ownership & succession
- Held 20+ years
- Probate filing
- Estate or heirs on the deed
- Successor trustee
- Divorce filing
- Partnership dissolution
- Individual, not an entity
- Absentee owner
From the courthouse
Pressure on title
- Lis pendens
- Notice of default
- Tax delinquency
- Tax lien
- Mechanic’s lien
- Code violation
- Receivership
- Bankruptcy
From the debt
Capital structure
- Maturity inside 24 months
- Fund hold period ending
- No mortgage of record
- Refinance gap
- DSCR decline
- Missed payment
- Servicer advances
- Special servicing
From the asset
Operations & market
- Occupancy decline
- Under-market rents
- Tenant reviews falling
- Deferred maintenance
- Failed listing
- Expired listing
- Repeated price cut
- Broker change
The order signals arrive in
Ownership path
Long holdDissolution filedTitle transfersOwner engages broker
Debt path
Coverage fallsLoan watchlistedSpecial servicingMaturity default
Both paths end in the same place — a broker listing. We read them long before that.
Ownership path
Long hold
Dissolution filed
Title transfers
Owner engages broker
Debt path
Coverage falls
Loan watchlisted
Special servicing
Maturity default
Broker listing appears
Everything in bronze is public and already filedIllustrative order
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