receivership for abandon and distressed property
Hello
Can anyone enlighten me to how receiverships work? After a receiver has completed the work on a property and fixed all the sanitary code violations, do they get title to it? Or do they have get the ability to force a sale to redeem the capital they put into it?
Also how does one become a court appointed receiver?
Most Popular Reply
It is a real estate observer. This situation really depends on who owns the property. Is it an agent? A court appointed receiver? We have closed receivership deals in Cleveland Ohio with a court appointed receiver who was also an agent. The deal had to be approved by the courts prior to closing. The funds for repairs were included in the offer.