Watermill Realty Group (WRG)
Watermill Realty Group was established in 2008 as a division of Gilman Management Corporation, a Real estate holding company founded over 60 years ago. Gilman Management’s financial wherewithal, Extensive experience in ownership, acquisitions, management and construction provides us with a synergy to acquire non performing loans, REO’s and distressed properties.
Accordingly we are able to successfully leverage this background through strong ties to the real estate community, resulting in the formation of the Watermill Realty Group.
• Watermill Realty Group is a leader in commercial real estate
• WRG specializes in the acquisition of sub and non performing loans, bank owned properties
• Synergy with Gilman Management facilitates a seamless transition from foreclosure to acquisition
WRG ‘s primary agenda is to purchase distressed properties in Kings and Queens counties. Which combined has a population of 4,873,000 with approximately 572,000 owner occupied homes.
Based upon our experience these two areas represent the best opportunities in terms of demand for housing and profitability.
In Kings county, one out of every 1559 units per month received a foreclosure filing.
in Queens county one out of every 1793. On average there have been 1100 foreclosure filings per month for the counties combined.
We will acquire distressed properties in the following ways:
REO’s- ( Real Estate Owned)
We maintain a continuous dialogue with lender appointed real estate brokers which specialize in the disposition of bank owned properties. Please note however that we have determined that there will be a trend on the part of lenders to move away from foreclosures to short sales . As a viable, less expensive and more expeditious way to dispose of distressed real estate.
This has been punctuated by recent decisions made by some of the larger lending institutions to put a freeze on foreclosures because of faulty procedures.
WRG will locate and pursue homeowners directly who are in default on their mortgages. We will assist them in negotiating with the lender for relief, by facilitating a transaction to sell their property to a third party for a discount. WRG will work with local real estate brokers who are themselves working on short sales.
NPN’s – ( non performing notes)
Also known as deed in lieu of foreclosure. WRG purchases non performing first mortgages at a deep discount to the unpaid balance. Simultaneously, we will purchase the deed from the homeowner.
WRG researches probate data on a monthly basis and works with area probate attorneys in order to contact estates which may have real estate for sale. Upon acquisition we fully renovate the property making the home marketable and satisfying all building code and lender requirements.
Through its affiliation with Gilman Management Corporation WRG benefits by having strong relationships with a wide range of reliable contractors.
- The properties are marketed for sale using:
- MLS – multiple listing service
- Print Ads in newspapers
- Internet based advertising
- Designated selling broker specialist