Two downtown Los Gatos commercial properties in prime locations have been seized by a lender through foreclosure of a delinquent mortgage.
LOS GATOS — Two downtown Los Gatos commercial properties in prime locations have been seized by a lender through foreclosure of a delinquent loan for the sites.
The foreclosure is a reminder that financial setbacks can haunt real estate investors even in upscale commercial property markets such as downtown Los Gatos. The opening bid in the foreclosure auction, which lasted a few minutes with several rounds of bids, was $1 million, which was set by the lender, whose representative was trustee Beacon Default Management.
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