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How to Sell a House With Tenants in Chicago

An exit strategy should be a part of every investment, with the sale of the property planned out ahead of time. Of course, savvy real estate investors understand they must keep a steady eye on the market and their holdings and, when called to make adjustments, which may leave a landlord holding a rental property that they need to sell, which tenants occupy. Because of the rights of tenants and the legalities involved, it is always wise to seek out the assistance of a highly experienced real estate professional and follow legal advice as you approach this situation. We’ve gathered these practical tips to help you understand how to sell a house with tenants in Chicago, IL.

Tenants Rights

Your tenants’ rights must be respected when you sell a house with tenants in Chicago. So taking the time to educate yourself and understand the local, state, and federal laws that govern selling a tenanted property will help make it a smooth operation and keep you from upsetting any apple carts. Here is a link, (https://codelibrary.amlegal.com/codes/chicago/latest/chicago_il/0-0-0-2639041#JD_Ch.5-12), to the city of Chicago’s complete Residential Landlord and Tenant Ordinance (RLTO). Because the cooperation of your tenants in the process of selling the rental property can be priceless, the last thing you want is to step on their rights and get off to a bad start with the sales process.

Notification

Unless it is a birthday party, nobody likes surprises, especially when it comes to finding out that your landlord is selling you’re home. How and when you provide notification about the impending sale is essential when you need to sell a house with tenants in Chicago. It is best to send the message in writing and make it clear that you have every intention of respecting their rights and wish to work with them to make showing the unit convenient to gain their willing cooperation and stay within the law.

Renewals

If you’re approaching the time to sell a house with tenants in Chicago, and the end of the lease is near, it may be best to wait out the remainder of the term; let’s face it, selling an unoccupied rental property is a much easier task overall. 

Difficult Tenants

Sadly, many landlords learn that the tenant application process s one of the most critical steps in running a real estate investment business with rental property holdings when faced with the devastation that a bad tenant can bring. For example, troublesome occupants can make it extremely difficult to sell a house with tenants in Chicago. Cash in hand can melt even the coldest hearts and reach even the most extreme of these poor-quality tenants. Cash for keys refers to the basic dangling carrot of money to incentivize your bad tenants to hand you the keys willingly for cash. 

Ready to sell a house with tenants in Chicago? Why not call on the direct buyers at CJE Real Estate LLC who purchase occupied rental investments, no matter what type of tenant you have. Suppose you’d like to discuss your rental property situation with a seasoned professional investor like the direct buyers at CJE Real Estate LLC, with no obligation. At CJE Real Estate LLC, we understand that communication is the key to success, so we stop everything, listen, and then offer suggestions to help you overcome any hurdle. At CJE Real Estate LLC, we work with the power of cash to buy your house with tenants as-is, saving you money on repairs. At CJE Real Estate LLC, we never charge commissions, saving you even more of your hard-earned profits on the sale. And, you won’t even pay any closing costs. Why not find out how easy it can be to sell your rental property directly by working with a direct buyer from CJE Real Estate LLC. Contact CJE Real Estate LLC at [480-378-7635].

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