Protecting Property. Preserving Value. Providing Solutions.

When foreclosure disrupts a property's financial and physical stability, court-appointed receivership offers a path to recovery. At ALPS Property Management, we serve as experienced, impartial receivers who act quickly to stabilize distressed assets, protect lender interests, and maintain the integrity of the neighborhood.

Whether you're a lender, attorney, or court official seeking a reliable receiver, we bring deep expertise in real estate operations, regulatory compliance, and local market conditions to every appointment.

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What is Receivership?

Receivership is a legal remedy in which a court appoints a neutral third party—the receiver—to take custody of and manage a foreclosed or distressed property. The receiver works on behalf of the court to:

• Preserve property value
• Generate rental income where possible
• Ensure code compliance
• Manage maintenance and repairs
• Collect rents and pay necessary expenses
• Prepare financial reports for the court and stakeholders

Receivership helps prevent further asset deterioration during foreclosure and ensures accountability and transparency throughout the process.

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Our Role as Court-Appointed Receivers

ALPS Property Management is trusted by courts, lenders, and attorneys throughout the country to handle a wide range of property types in receivership, including:

• Vacant or partially occupied multifamily properties
• Single-family homes in disrepair
• Commercial buildings with deferred maintenance
• Properties entangled in legal disputes or ownership deadlock

Our team quickly assesses each situation and implements a custom stabilization plan that addresses safety, financial oversight, and long-term viability.

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Why Choose ALPS Property Management?

• Local and Focused Approach: We understand local ordinances, neighborhood dynamics, and market trends.
• Court-Tested Experience: We've served as receivers in a wide range of foreclosure and bankruptcy cases.
• Fast Response: We move quickly to inspect, secure, and manage distressed assets.
• Transparent Reporting: Regular financial and operational updates to courts and stakeholders.
• Hands-On Management: From tenant communication to emergency repairs, we handle it all.

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Case Studies

Case Study 1: Vacant Six-Unit Property in Bronzeville

Challenge: A six-flat had been abandoned mid-renovation, attracting squatters and receiving multiple code violations.

Solution: Within 48 hours of appointment, ALPS secured the premises, coordinated with city inspectors, and addressed key life-safety issues. We obtained court approval to lease units and generated over $30,000 in rental income within six months.

Outcome: The property stabilized, violations cleared, and the asset eventually sold above asking price.

Case Study 2: Commercial Retail Strip in Albany Park

Challenge: Foreclosed commercial property with three vacant storefronts, structural concerns, and utility shut-offs.

Solution: ALPS oversaw emergency repairs, re-established utility service, and negotiated short-term leases with local tenants to reactivate the space.

Outcome: Property income increased, city fines were avoided, and the asset became a functioning part of the community again.

Case Study 3: Single-Family Home in Englewood

Challenge: Vandalized and uninhabitable single-family home under foreclosure.

Solution: We secured the site, cleaned up exterior hazards, and provided monthly reports to the court while minimizing maintenance costs.

Outcome: Property held its value during foreclosure and was sold to a local investor for rehabilitation.

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Partner With ALPS Property Management

If you're a lender, attorney, or court-appointed receiver in the Chicago area, ALPS Property Management is your trusted partner. We combine local insight, legal understanding, and operational excellence to preserve property value and support a smooth resolution process.