Summit Financial trustee gets approval to sell commercial property

By Sarah Lizee

Olympia, Wash., Jan. 15 – Summit Financial Corp. Chapter 7 trustee Marc P. Barmat secured court approval to enter into a brokerage agreement to sell commercial property located in Broward County, Fla., according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Florida.

Kenneth E. Morris of Morris Southeast Group, Inc. and agent Jason A. Welt of Trustee Realty Inc. will list, market and sell the property under the brokerage agreement, the motion had said.

The listing agreement provides for a six-month term and a target list price of about $1.91 million.

If there is no buyer’s broker, a brokers’ fee of 6% of the total sale price will apply, to be split between Morris (4%) and Welt (2%). If there is a buyers’ broker, the fee split will be Morris (2.5%), Welt (1%) and the buyer’s broker (2.5%).

Further, the brokers will be entitled to recover reasonable and necessary costs expended relative to the property, which are expected to be up to $1,500.

Plantation, Fla.-based Summit provides financing by purchasing and servicing retail installment sales contracts. The company filed bankruptcy on March 23, 2018 under Chapter 11 case number 18-13389.

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