Receivership Services

As a banker or an attorney representing a financial institution, you can be sure that Chicago Real Estate Resources is able to handle your problem property as receiver or as manager for the mortgage in possession professionally and effectively. Eric Janssen has been a court appointed receiver in chancery and federal courts for almost 15 years involving over 600 cases in Illinois and Indiana. CRER has the expertise required in order to handle a variety of distressed situations including non-performing loans and the management, leasing and/or redevelopment of under-performing real estate. After foreclosure, when the asset becomes REO, CRER can fee manage the property, improve the building if necessary and finally liquidate it for the best possible price. During this process, our team will investigate the property's position in the marketplace and make recommendations to enhance its value in order to get the greatest return for our client.

Currently we are handling approximately 80 receivership and bank owned (REO) properties, ranging from small residential multi-family buildings to down-town high-rise properties, including several failed condominium projects for some of which we are completing the construction and will be selling the units.    

Our receivership services include:

• Stabilizing the property operations and ensuring tenant retention
• Preparing required court reports and attending court hearings in chancery, housing and eviction court as needed
• Providing monthly financial reports to the client which can be securely accessed on our website
• Development and Implementation of a strategic Plan for the property with input from the client
• Evaluation and Creation of Marketing, Advertising and Leasing and Exit Strategies

 To print more information on our receivership services Click Here

Some of our clients include:

• AJ Smith
• Amcore Bank
• Associated Bank
• Bank of America/LaSalle Bank
• Bank One / JP Morgan Chase
• Bayview
• Beverly Bank and Trust
• Bridgeview Bank Group
• Builders Capital LL
• Capital One Bank
• Citibank
• Cole Taylor Bank
• Community Bank of Lamont
• Covest Bank
• Emigrant
• Fairway Funding
• Fidelity Savings
• First Bank (Illinois)
• First Chicago Bank and Trust
• First DuPage Bank
• Hinsdale Bank and Trust
• Land America
• MB Financial Bank
• Metropolitan Bank
• Midwest Bank
• NAB Bank
• Northern Trust Bank
• Park National Bank
• Premiere Asset Services / Wells Fargo
• Pullman Bank
• Regency Savings Bank
• Republic Bank of Chicago
• Southport Bank
• Standard Bank
• U.S. Bank
• United Midwest Savings Bank