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Typically, the receiver will market the property for sale using the same methods as any other commercial property. He will install signage on the property, list the property with the appropriate online business listing services, notify local brokers, and advertise on the appropriate trade presses. The receiver, usually through the secured lender, may be advised to obtain an appraisal of the property in order to be able to establish at the sale hearing that an acceptable sale price has been obtained. .
Once the receiver, in consultation with the secured lender, obtains an acceptable offer for the sale of the property, a petition may be filed, often by the secured lender with the consent of the receiver, to approve the sale.
At the sale hearing, the secured creditor should be prepared to establish the various steps the receiver has taken to market the asset and why the receiver believes the proposed sale price is fair and reasonable. If necessary, it may be necessary to introduce the assessment.
Special problems may arise when it comes to certain privileges of the federal government. The United States should be named a party in any civil action to exclude a mortgage or other lien on real estate on which the United States has or is claiming a mortgage or other lien. The complaint must state precisely the nature of the United States’ interest or privilege. In addition, for tax liens, the complaint should include the name and address of the taxpayer, and if a tax lien notice has been filed, the identity of the internal revenue office, as well as the date and place of filing. of this notice of lien.
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