Bankruptcy

If the tenant files bankruptcy, the eviction process is subject to the automatic stay in the bankruptcy case, and if an eviction action has been filed, it will be dropped from the State Court’s docket to be reset if the tenant’s bankruptcy case is dismissed.

When a bankruptcy case is filed, we usually negotiate a Consent Order Conditionally Terminating the Automatic Stay. In that instance, any rent that was due prior to the filing of the bankruptcy petition is put into the tenant’s bankruptcy plan and is treated as a secured claim to be paid at 100%. The Consent Order also provides that, if the tenant is late in paying rent for the month following the month in which the bankruptcy petition is filed, the automatic stay is lifted and the eviction case can be reset in State Court or filed, if the tenant files bankruptcy prior to the filing of the eviction action.

In some instances, we can file a Motion to Lift the Automatic Stay. This is only used in a few instances primarily because of the amount of time it takes to get the Motion before a Judge. The Motion is first set for a 9:00am hearing, which is not before the Judge, to see if the parties can resolve the matter. If the matter is resolved, it is most likely by a Consent Order similar to the one described hereinabove. If the matter is not resolved at the 9:00am setting, the case is reset for a 10:00am setting which is before the Judge. It usually takes four weeks to get the Motion in front of a Judge. The cost to file the Motion for Stay Relief is at least $176.00.

The Consent Order is more time efficient and more economical than filing the Motion. It also provides a means for the owner to continue receiving ongoing rent during the bankruptcy case.

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More About Vacant Properties

For 99% of our customers when a property becomes vacant, we rekey, board up the backside of the house, remove the AC (unless there is a cage), clean out the trash in the house and have the yard deep cleaned. These items all happen day 1-2. The only one not done this way is the trash-out and the yard cleaning but those usually happen within 72 hours.

Our goal is within 5 days we provide you with a scope of work and a quote. Most owners reply to the quote within 24 hours with either questions or approvals.

After approval, we schedule the work to be completed the following week. A work order will be created and the final quote along with pictures will be uploaded to your owner portal when the work is complete. For jobs under $3000, we inspect the job after the contractor has told us that he has completed the work.

For jobs over $3,000, we inspect the job 1-2 times during the rehab to ensure the contractors are following our scope of work and that the quality of work meets our standards.

After a job is complete, our Final Inspection Supervisor inspects the house, compares the work completed to what was scoped and then provides the contractor with a punch item list to complete. While at the house inspecting the property, the Final Inspection Supervisor takes Marketing Pictures and downloads them to DropBox. He also places a For Rent sign in the yard.

Once pictures are taken and the system is updated, our Marketing person uploads the pictures to the website and places the house for rent.

Once the house is published, the Licensed Real Estate Agents receive an automatic email that lets them know the house is on the market.

Agents show the house and have the applicant fill out an application online.

Our Leasing Coordinator receives an email every morning with all Applications ready for review and then runs a Background check which provides a credit score, criminal history, rental history and job history.

If Approved, the Applicant has 48 hours in order to pay a deposit otherwise the house goes to the next approved applicant. Once a deposit is paid, the applicant has 2 weeks in order to pay the rent and move in.

Once a tenant has signed a lease, we give ourselves 24 hours to remove the boards, install the AC unit, turn on the water, light the water heater and then check approximately 30 items in the house to ensure the tenant move-in experience is great.

More About the Legal Process