tenants: Tenants’ Rights On The Move in Illinois - 06/13/13 06:41 AM
In the last 60 days, there have been 2 major pushes in the Illinois rental market as it pertains to tenants’ rights when occupying a foreclosed unit, or a rental unit in receivership by the bank.
Currently, when the building is bought by an investor out of foreclosure, a tenant can be evicted at the end of their lease term.  If there is no active lease and the tenant is dwelling month to month, then the new landlord can evict the tenant, but only after delivering a 90 day notice.
If the new owner plans to use the property as … (0 comments)

tenants: Mayor of Chicago is trying to implement his own “Cash for Keys Program” - 05/02/13 02:02 AM
There’s lots buzz running around our fair city; City of Chicago’s Mayor, Rahm Emanuel, has proposed a bill that would require real estate investors that purchase multi-unit buildings from a foreclosure auction to pay renters to move.
According to the Chicago Tribune, He is proposing that in order for the new owner to be fair to the current tenant, that the tenant receive $12,000 to move.  The other option is to provide the tenant with a long term rent-controlled lease.
Benjamin De Los Monteros, of Cherry Picker Investments said, “It was quite the stir yesterday sitting in the auctions yesterday.  Many … (2 comments)

Michael Hobbs, SRA, LEED GA, RAA (PahRoo Appraisal & Consultancy)

Michael Hobbs


Chicago, IL

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