Chicago Tenant in foreclosed property
Hi all and thanks so much for all the helpful advice posted on here. We are under contract on an REO (Freddie Mac) and it looks like there's a tenant inside still who has been totally non-responsive. Our thought is that they have been living there without rent and probably don't want to move--any advice on how to handle this?
Much appreciated.
Most Popular Reply
@Alex N. We've had similar circumstances on REO & non REO properties. If it was a multifamily property then dealing with a squatter wasn't much of a risk. But if it's a Single Family we would counter offer the seller with a closing date based on the seller removing the squatter or providing us w/ some kind of compensation for the risk we were taking w/ a squatter. Sometimes it worked, sometimes it didn't. When it didn't work we cancelled the deal because of Illinois squatter friendly laws.