Our role as a court appointed receiver is to minimize losses, maximize property values, and reduce potential liability on properties in default. It is our fiduciary responsibility to protect the value of commercial properties during the foreclosure process. Our objective as a court appointed receiver is to find the best management solution for each asset and increase its value for future sale.
We will immediately implement a turnaround plan and preserve the value of the asset. Our focus is to maintain and improve conditions of properties going through foreclosure.
Typically, we are recommended to the courts by various financial institutions. We have been a court appointed receiver for commercial, office, retail, industrial/warehouse, multi family, and single family residential properties. We professionally manage the property in order to achieve optimum value.
Upon appointment, DWV Investment, Inc. will do a full inspection and make an assessment of the property.
♦ We will record building violations and deficiencies
♦ Schedule recommended and required services
♦ Immediately address safety issues and code violations
♦ Provide property condition reports
♦ Create financial statements and operating budgets
♦ Verify payment of taxes and insurance, review operating contracts and leases, etc.
♦ Formulate a property improvement plan and sale strategy
After an asset takeover, we conduct full and accurate auditing of accounts receivable and accounts payable to determine the true financials (assets and liabilities).
We are experienced in taking over and accounting for all assets involved in receivership cases such as:
♦ Bank Accounts
♦ Petty Cash
♦ All other monies and securities
As a Court Appointed Receiver, we perform the following duties with skill and professionalism:
♦ Prepare the “Order Appointing Receiver” in accordance with the lenders legal counsel
( all contingencies are addressed in the first court hearing; thereby avoiding additional trips)
♦ Prepare and file of all receivers’ documents (opening, interim and closing) in accordance with the court and serve all parties involved
♦ Provide the court and lending institution with an up-to-date progress report by preparing monthly comprehensive financial reports
♦ Prepare all court-required operational bankruptcy reports
♦ Quickly and efficiently finalize the receivership by filing a final accounting and a motion for order discharging the receiver (transfer licenses and franchises to the new owner; prepare and file final reports, and secure the court’s approval and discharge)
Contracts and Leases
Contracts and leases terms are crucial to the value and recovery of an asset. Our expertise will insure that optimum value of the asset is achieved. Dealing with the complexities of contracts and leases can be challenging and involve the following:
♦ Review insurance policies to determine if the policy is active and if coverage is adequate (policy rates are reviewed and new coverage is purchased when necessary)
♦ Control and review of all leases and vendor contracts and renegotiate if necessary
( included are equipment, ground and rental agreements etc.)
♦ Review tenant leases and focus on tenant retention
Our property maintenance team protects and adds value to the property. Each property is serviced according to its specific needs. Our maintenance program includes the following:
♦ Conduct a detailed initial review of property and prepare a “Property Condition Report” with recommendations for issues requiring immediate attention
♦ Perform ongoing repairs and regular maintenance services to protect the value of the property.
♦ Schedule weekly property inspections to guarantee that the buildings and grounds are
We are a full service real estate brokerage and have successfully listed and sold hundreds of commercial and residential REO’s. We work directly with banks and asset management companies.
Our affiliate company US Building Services provides quality, cost effective REO maintenance and repair services. The combination of receivership, management and disposition services allows us to protect the bank from liability while saving time and money.
Occupancy Reports and Evictions
♦ Prepare occupancy reports to determine occupancy status (vacant or occupied)
♦ Negotiate cash for keys so as to successfully remove the occupant and avoid eviction
♦ Coordinate the eviction, if necessary
Securing of Property and Initial Inspection
♦ Replace all locks and deadbolts
♦ Board-up entry points that pose a security risk
♦ Install a lockbox in order to provide access for inspectors, future contractors, or buyer’s agents
♦ Document all property maintenance issues
Cleaning and Repair of Property
♦ Trash out to include the removal of all interior and exterior debris in accordance with clients specifications (make the property clean and attractive to prospective buyers)
Determining Market Value of REO
♦ Prepare an accurate commercial BOV or residential BPO
Alleviation of Outstanding Code Violations
♦ Clear all code violations, negotiate lien mitigations with local government agencies and resolve outstanding utility accounts
♦ Preform necessary repairs to make the property marketable and code compliant
Maintenance of Property During Bank Ownership
♦ 24/7 response to property emergencies
♦ Weekly inspection of property site
♦ Keep the interior and exterior of property well maintained and attractive to buyers
♦ Keep landscaping and grass height in compliance with code
Disposition of Property
♦ Marketing and sale of bank owned property, resulting in successful closing
♦ Prepare periodic inspection reports as required by asset manager
♦ Develop a customized marketing plan for the property
♦ List the property on the MLS and on major commercial property websites, such as LoopNet
♦ Feature the property on the DWV website
♦ Advertise property via custom brochures, email campaigns and agent request (residential properties are advertised on Realtor.com)
♦ Respond to all inquiries and showing requests in a professional manner, quickly and courteously.
♦ Provide asset manager with property feedback
♦ Careful review all offers, analyze terms and immediately submit all offers to the asset manager
♦ Supervise all details from contract to closing, ensuring that all contract terms and deadlines are adhered to by all parties involved, to insure a smooth closing