Denny Heck's real estate blog at Coldwell Banker Schmidt Real Estate. http://www.cbgreatlakes.com/denny.heck/RSS Thu, 18 Mar 2010 14:51:05 GMT Thu, 18 Mar 2010 14:51:05 GMT http://backend.userland.com/rss WhereToLive.com RSS <p>Have you ever heard this term? You may have in the past several months with the shift in the economy and the rise in foreclosed and defunct properties.</p> <p>In these uncertain economic times, especially in Michigan, Lenders often find themselves in a position where the appointment of a Receiver is either necessary to preserve the present "value" of floundering financial investment or&nbsp;an absolute to keep a investment up and running, while trying to both protect the assets and&nbsp;improve upon and prepare for potential sale.&nbsp; This practice is becoming more common place to protect the lenders collateral.</p> <p>In the unfortunate event that a project funded&nbsp;by a mortgage company or bank&nbsp;has exhausted all efforts and should fail, it may be necessary to completely remove the borrower's control; review and implement sound business practices and improve upon business operations.&nbsp;&nbsp;A Court Appointed Receiver is able to alleviate the lender&nbsp;of the day to day operations nightmares of keeping the business up and running.&nbsp;&nbsp;The Receiver will review all operations and procedures, recommend improvements or changes and&nbsp;protect the value&nbsp;of the lenders interest.&nbsp;&nbsp;The lender is consistently kept apprised of the key elements of the investment.&nbsp;</p> <p>Just a few&nbsp;things&nbsp;a Receiver would do:</p> <p><strong><span style="text-decoration: underline;">REVIEW:</span></strong></p> <ul> <li>operations </li> <li>accounting</li> <li>budget and expenditures </li> <li>maintenance needs and issues </li> <li>marketing plans </li> <li>personnel and contractor relations</li> <li>legal documents relating to real estate and/or association</li> </ul> <p><strong><span style="text-decoration: underline;">PROPOSE:</span></strong></p> <ul> <li>operation adjustments </li> <li>working budget </li> <li>additional or revised maintenance needs and issues </li> <li>working marketing plan </li> <li>personnel and contractor changes, additions or dismissals</li> <li>legal and accounting needs</li> </ul> <p><strong><span style="text-decoration: underline;">EXECUTE:</span></strong></p> <ul> <li>oversight and guidance for proposed operations </li> <li>bookkeeping, legal and accounting services</li> <li>approved budget &nbsp;</li> <li>timely and detailed reporting to investor(s)</li> <li>market and sell to re-coup investor(s) interest </li> <li>launch newly revised, operational development</li> </ul> <p>A Receiver is a very important aspect in maintaining the integrity of the business operation.&nbsp;</p> <p>Need more information?&nbsp; Contact Denny Heck (231) 313-7244.</p> http://www.cbgreatlakes.com/denny.heck/Blog/Receivership_services Denny Heck Wed, 24 Feb 2010 15:16:10 GMT