To meet the growing needs of its clients, NAI Emory Hill’s Property Management division has stepped up to provide Real Estate Owned (“REO”) and receivership services.
The need for both services has increased due to the recent recession as more and more real estate properties have unfortunately become distressed.
REO properties are those where the “keys” have been turned over from the borrower to the lender due to the borrower’s inability to meet the obligations of the loan.
The lender then employs Emory Hill Property Management to manage the asset until it is sold, often after repositioning.
Receivership servicers are related, but more complicated. With receiverships, NAI Emory Hill is appointed by the court to act as the de facto owner of a distressed property while the lender and borrower settle the issues between them or while the asset goes through the often lengthy foreclosure process.
When appointed as receiver, NAI Emory Hill is responsible for operating and preserving the real estate asset as best as possible, which usually means employing property management and related services such as maintenance, brokerage and construction as needed.
NAI Emory Hill is uniquely positioned to be a receiver within its market, as we have formal divisions in each of the aforementioned areas; property management, brokerage, maintenance and construction, which all work closely and well together, making the process as seamless as possible.
Our proven track record includes repositioning rapidly declining assets, taking occupancy rates from well below 60% to over 90% in a short period of time, and commanding higher values as a result of improved positioning and financial performance.
NAI Emory Hill’s REO and receivership clients have included WSFS, Citizen’s Bank and Fannie Mae & C-III Asset Management.