LG offers receivership assistance at a level of proficiency that surpasses the competition. We have a reputation for circumventing much of the difficulty of real estate management in distressed areas and it’s with great confidence that LG aims to provide its receivership services on a broader scale. We consistently provide area banks with successful recoveries, and because we have particular expertise in rental communities, condo conversions and new developments, we often take on the added responsibility of dealing with high tenant turnover, inconsistent rent collection, excessive property damage and the need to retrofit neglected properties to meet building codes. We do this with the utmost efficiency because LG does not subcontract, but rather employs its own staff of trained maintenance professionals.
Residents, inspectors and investors have come to expect speed and efficiency from us whenever upkeep is required. In fact, we’re always given the courtesy of a warning from inspectors long before the finality of a summons is ever issued, precisely because we are trusted to complete repairs within 24 hours of their report. We pride ourselves on this superior property management and also our capacity to revitalize neighborhoods. By promoting strong partnerships with local government, residents, community leaders and banks.
Why choose a receiver to take collection of properties in foreclosure? Simply put, most foreclosures are taking upwards of a year to complete, causing non-performing assets to lose their value precipitously. It is imperative that lenders seek the assistance of a receiver in order to collect income, while shielding themselves from the liabilities therein, including third-party injuries, zoning problems, misapplication of revenues environmental violations.
We at LG consistently want to help banks avoid just such burdens when we seize assets of their insolvent estates. As an independent third party appointed by the court, we take possession of foreclosed properties and account for all monies and securities therein. We temporarily assume the role of owner and receive revenues, paying all operational expenses and performing all managerial functions as the court instructs. Further, it’s incumbent upon us to evict non-payers and advertise vacancies, reducing the chance for vandalism to properties and most of all, avoid profit loss.