While most of us have not had to wade through the experience of acquiring real estate involved in a foreclosure or a bankruptcy, more and more distressed commercial properties are caught in the process that involves the courts. When that happens, the day-to-day activities that make a shopping center, office building or apartment complex work often get lost as lawyers and lenders begin to argue over debts and delinquent payments.
It isn’t pretty when the lawn doesn’t get cut or rents don’t get collected or, worse, security stops coming because they aren’t getting paid. That’s when the phrase “in the public interest” kicks in and the lender must petition the court to appoint someone qualified to takeover actual possession and management of the property while the indebtedness issues get sorted out.
The Sperry Van Ness Asset Recovery Team has recently formed a strategic relationship with a nationwide court receiver to step into those circumstances demanding the highest level of professional service. Click HERE to learn how the process works to stabilize distressed property values.