A Checklist for a Property Newly in Receivership
Managing a Property in Receivership
What you should do
If you’ve been in the real estate industry for any length of time, you have probably, at one time or another, ended up owning a property you did not intend to own.
A unique part of the commercial real estate business is receivership, i.e., the management of a business or property that is involved in a legal process such as bankruptcy.
When a building enters foreclosure, the courts often appoint lawyers as trustees of the building. Or in some instances, they’ll recommend a particular company, instead of a law firm, for Managing a Property in Receivership.
Hiring a specialist to manage a foreclosed building is a great benefit to all parties. A specialist in this sector will go into a building, quickly identify all of the problems, whether they are structural or operational, and work quickly to turn them around and ready the building for a sale to a new owner.
