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Question
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How does the compensation work?
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Answer
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The statute (available on the City website) describes how you would reimburse yourself. The State law may also be helpful for reference. The City will not be compensating the receiver; any profits ultimately depend on how well you do and the outcome (sale, rental, etc.).
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Submitted
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1/18/2024 10:20:03 AM (ET)
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Question
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Is it possible to only be a Receiver for properties designated as to be sold?
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Answer
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Possibly, yes. This depends on the number of receivers we ultimately end up having available. We intend to choose the best fit for each property and not seek to appoint anyone to a property they are not interested in.
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Submitted
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1/18/2024 10:19:47 AM (ET)
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Question
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Do the qualified receivers have the ability to waive receivership of a property, or are they obligated to accept properties assigned to them by the City during the contractual period?
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Answer
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Receivers will not be obligated to accept any property.
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Submitted
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1/8/2024 09:51:06 AM (ET)
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Question
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Will the receiver who completes the rehab also be able to purchase the property
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Answer
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There is no law that specifically prohibits or allows this. Ultimately a court has to approve the purchase. While they are likely to ratify any deal done ethically and publicly, you should speak with your own attorney for advice on this question.
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Submitted
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1/4/2024 12:29:40 PM (ET)
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