With the Courts permission the Receiver will have the authority to...

• take and have complete and exclusive control of the Property and all its assets
  
  
• manage and operate the Business and the Property with full authority
  
  
• receive and make payments necessary for the proper preservation of the Property
  
  
• "borrow" funds from the Plaintiff to be used for proper care of the Property that will be recognized and paid back at the highest lien priority equal to that of Court costs
  
  
• receive and collect any and all sums or money due or owing the Business or Properties
  
  
• disburse funds to Plaintiff on its mortgage


• obtain and maintain insurance on the Properties at the expense of the Receivership
  
  
• market the Property for private sale and to solicit and submit offers to the Plaintiff and Courts for approval (this privilege allows for the asset to be properly marketed through private sale to realize the highest return possible)

In addition to the above benefits the Receiver will file an extensive accounting and operation report with the courts every thirty days. This report will include every dollar and transaction that passes through the hands of the receiver as well as a detailed report covering all happenings at the property and with the defendant from the prior month.

Perhaps one of the biggest benefits of having a Receiver appointed is the ability for the Receiver to sell the property with the Courts approval. The benefits of a Receiver sale vs. the traditional sheriff sale process are numerous. A few include:

• The ability for the Receiver to hire a professional real estate broker to properly market the property vs. advertising for four weeks in the Court approved publication with hundreds of other properties, which is the standard advertising for the sheriff sales.
  
  
• The ability to properly negotiate a sales price between the potential buyer and the Plaintiff / Creditor.
  
  
• NO minimum bid / sales price. This can be especially helpful with certain distressed or unique properties that may otherwise not sell at sheriff sale because the minimum price is too high.
  
  
• A Receiver sale allows the Plaintiff / Creditor to sell the property for the most amount of money and to receive the funds due to them without ever entering the chain of title
  
  
• With a Receiver sale potential buyers have the opportunity to inspect a property before offering to buy, unlike the sheriff sale process which is "sight unseen"
  
  
• A Receiver sale gives the buyer an opportunity to perform a title search to determine the marketability of the title. If defects are found they can often time be quickly cured with the help of the Receiver.
  
  
• A Receivers deed is issued to the purchaser when the property is paid for, not 2-3 months later as with a sheriff's deed.
  
  
• A Receiver sale is typically confirmed with the Court within 2-3 weeks. Because the proceeds of the sale are held in trust by the Receiver, they can be wired immediately to the Plaintiff / Creditor.
  
  
• Because a Receiver sale does not differ much from the traditional sale process there are likely to be many more interested and qualified buyers than at an intimidating sheriff sale auction.