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 more than 16 years involving over 1,000 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 numerous 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
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