John A. Burpee Court Appointed Receiver
Why Choose Us
8 Items to consider when Choosing a Court Appointed Receiver in Florida
Does the receiver have experience with the specific type asset?
Many receivers promote a one size fits all approach when marketing themselves. Our firm takes a much different approach, we specialize in only Commercial Income Producing real estate, Multifamily Apartment and Broken Condo assets. We consider ourselves the leading firm in the Florida market for these types of receivership.
How many assets has the receiver previously handled?
Our firm has brokered, managed and been appointed receiver for over 5,000 plus multifamily units and over 3 million square feet of commercial assets such as shopping centers, office building and Industrial parks in Florida since 2008. We currently manage over 5,500 units through our sister company Radiant Asset Management and have brokered over 30,000 units in our career through our brokerage firm John Burpee & Associates, Inc.
Does the receiver have bonding ability?
Our firm is bondable up to $1 million dollars with our bonding agent. This gives our clients the piece of mind to know they are dealing with a firm of substantial worth and not just an individual with a business card and a promise.
Will the receiver be hands on or hands off the asset?
Many receivers tend to stay at arms length to the asset. Again our firm takes a different approach. We work day to day with the property manager or take control of the entire operation if the property is owner managed. Keeping in mind the assets preservation is the our job, we work day to day to reduce costs and stop waste or deterioration of the asset and capture the cash flow.
The receivership order is the most important document in the process!!!!!
The receiver is limited by the power of the receivers order. We urge you to have us correspond with your legal counsel before making a petition to the court for appointment. Remember DETAILS, DETAILS and more DETAILS! The order needs to clearly define the receivers role and powers. Painting with broad strokes leads to confusion in the future and limits the receivers powers.
Capturing Cash flow and Escrow Accounts:
Many firms fail to recognize the lost cash flow during the foreclosure process. Consider the fact that the property owner has stopped making payments. Where is all the excess cash flow going to? Chances are into the owners pockets. In addition, remember most commercial assets with tenants must maintain an escrow account for security deposits. Many times we have seen owners raid these account just prior to foreclosure and pocket the funds for personal use. Remember that when your organizations finally gains title to the asset the new buyer will want a credit at closing for the amount of escrow or security deposits of each lease. In many instances this amount is usually equal to one months total income.
Receivers Role in Florida:
The receiver in the state of Florida works for the court!! The primary role is to maintain the integrity of the asset, reduce waste, appropriate funds and capture all funds associated to the asset. The receivers role is only as broad or detailed as the receivers order allows. Many times the receivers order will limit the receivers powers and require the petitioning party to repetition the court to broaden the scope of the order.
We hope these points of interest help you in your decision when choosing a receiver. Please feel free to contact us for more detailed information regarding our services.