How Do I Sell My House With Non-Paying Tenants?
At your wits end & had it up to here with a bad tenant? Check out our guide below on how we may be able to help.
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Selling Your Chicago House When Tenants Refuse To Pay Rent
Need to sell your house in Chicago because you’re sick and tired of not getting paid each month? We get it. Sure, the first few months of the 2020 pandemic were complete and utter chaos. People became ill. Unemployment soared. Many businesses were forced to shut down. The economy–and our lives–were turned completely upside down. And nobody had the perfect solution.
Then the government stepped in and, on top of receiving a stimulus check, millions of individuals began receiving weekly payments. Often in number$ that went above and beyond what they were earning when they actually went to work. It’s understandable how someone wouldn’t be able to pay their rent. For a while. But that while turned into months which turned into a year! And here we are, years later, and your tenants are most likely working again (and have been for a while!). Or they are still collecting unemployment. Or both. AND THEY STILL REFUSE TO PAY THEIR RENT.
Mortgage Forebearance Periods Ended And You’re Still Owed Thousands Of $$$
Why It’s Even More Urgent To Sell Your Chicago Home Now
Forbearance Period Ending
Extended Rent Moratoriums
Tenants Disrupting Neighbors
Tenants Violating Rules
Forbearance Period Ending
Forbearance is the process that allows homeowners to reduce their monthly mortgage payments, or pause them entirely, for an agreed upon length of time. For example, a 12-month agreement means you will not have to make any payments for a year and will not be at risk of foreclosure during that time.
However, when the agreement ends, the bank expects you to pay back what you owe along with interest and fees. Typically this can be done in three different ways and you’ll need to talk to your lender to see what they can do for you.
Our great city isn’t known for being very landlord friendly, is it? There are so many reasons a renter canNOT be evicted from their home. While some may be very understandable (such as a cold Winter), other reasons may feel like you’re simply being taken advantage of. Even though the moratorium ended, it could still take months if not longer to have someone evicted due to backups and delays with the courts. It’s best to speak with an attorney who specializes in this to find out what legal options you have, as well as the approximate time and costs involved.
Tenants Violating Rules
Disrespectful tenants can disrupt your daily life, sanity, and peace of mind. Not to mention the lives of neighbors or other tenants who may be living in the same building. You’ve already tried being calm and objective. Performed routine inspections to ensure you’re covering your bases. And you’ve offered a variety of solutions to your tenant that may be helpful for everyone involved to no avail.
There’s almost no worse feeling than completing your routine inspection to discover your premises have been damaged. You take great pride in your property. A careless tenant (whether intentional or unintentional) can cost you tens of thousands of dollars. Turning over an apartment that needs a lot of repairs can be a major turn off for a new buyer or renter. We can buy your property for cash in as-is condition, so there’s no need to clean it up or make a single repair.
Selling Your House As-Is Without Evicting Your Tenants
Evicting a tenant is not something anyone sets out to do. You screened them. Did a background report and credit check. Called previous landlord references to verify this person was who they claimed they were. You did your job, decided to trust this person, allowed them into your home and gave them a safe place to rest their head at night. So, the fact that they won’t pay rent (even though they may very well be able to afford it) feels like a total slap in the face.
FACT: “Illinois has judicial evictions. This means that even if a tenant is not paying rent or is violating the lease in some other way, the landlord can’t just throw the tenant out. A judge has to order that the tenants be evicted, and only the county sheriff is allowed by law to evict a tenant or other occupant.” – The Payne Law Office
Evictions have been paused for over a year now. Just because your mortgage forbearance agreement might have ended, it doesn’t mean you will be able to immediately evict your tenant. Under normal circumstances, eviction can take anywhere from several weeks to a few months. With the courts still getting caught up, and so many previous eviction cases on deck from before the shutdown, it is, unfortunately, unlikely that your eviction will be finalized anytime in the near future.
We Buy Houses in Chicago IL (even with non-paying tenants!)
Property People is a local home buying company in Chicago IL. We buy houses all over Chicagoland 100% As-Is, in Cash. We can buy your home (even with the extensive repairs needed or an unruly tenant in place) and handle all the hard work so you don’t have to. If you are dealing with tenants who won’t pay rent, or damage in your home, and want to sell without having to evict or make any repairs, get your No-Obligation All-Cash Offer today.
Our selling process is 100% free. Even if you are unsure of what you want to do, I encourage you to reach out for a free offer on your house. You have nothing to lose. 😉
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