Who knew that developers would be clamoring for work as receivers?
Welcome to real estate in South Florida, 2010.
Long-time receivers say they’re seeing a flood of developers and brokers entering the field.
“The biggest group of people who are getting into receivership are the developers who aren’t doing any deals,” said Biff Ruttenberg, a certified turnaround professional and former board member of the Turnaround Management Association.
A receiver acts as the owner while borrowers, lenders and the courts figure how to resolve the case, which sometimes could take years. For an easy case, a receiver may receive $2,000 a month to care for a property. The sky is the limit for complex cases, receivers said. [more]