You will have to give them a reasonable amount of time to correct the deficiencies, maybe two weeks.

Hired new GC and tradesmen, created new timeline and budget, corrected work realted deficiencies, increased quality of work, pace of work, and inspection approvals.

Took control of the project, hired new GC and tradesmen, created new timeline and budget, corrected work realted deficiencies, increased quality of work, pace of work, and inspection approvals.

There were deficiencies in concrete work and underground plumbing.

There were deficiencies in concrete work and underground plumbing.

Then they pursue deficiency judgments and summon borrowers to appear in court if they don't pay, generally getting a garnish or forced sale. 

They look for distressed properties or properties that are not being managed correctly and correct those deficiencies to increase their NOI and as a result force appreciation.

This also gives you a little yield along the way to get this all done.Waiver of Right of Redemption & Waiver of Right to Deficiency, the borrower would waive his right of redemption, this cuts some serious time off of the timeline in IL.

They can then go after the people for the deficiency.

Any deficiencies or unpermitted work will generate a building violation which the buyer assumes.