Possibly this is the case with the tenant in the property, maybe it is not.
There are a lot of good suggestions here in the thread. Another thing to consider is that if the property has been foreclosed, then by law the tenant will be moved out because of the way the foreclosure laws work in Illinois which is slightly different than a traditional eviction of a tenant in a non-foreclosure situation.
If you are not working with a qualified attorney, as well as a talented Realtor familiar with distressed properties, then I encourage to take this step first so you get the best guidance to accomplish your objectives.
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Baird & Warner
773 770 7530
If a cash for keys offer was turned down by the tenants they will most likley be served with an eviction notice and then evicted if they do not move. Have your agent contact the sellers agent to find out more details. You will have to wait out the process or move on to another home if you need one right away. If you have a contract on this home and are waiting to close contact your attorney for assistance.
All the best,
Unfortunately, no you have no other options, none that are legal anyhow. If you close with the tenants still living there you will have to evict on your own. This can take up to 3+ months to go through the legal process.
I would be seriously concerned since they turned down the cash for keys. Have you or your attorney or the sellers attorney tried talking to the tenants? Find out what their issues are and maybe you can offer a solution. Could be a language barrier prevented them from understanding cash for keys, it's a thought.
I suggest also to reach out to an attorney and have him/her discuss all your options and the costs, possible time frame to evict.
Best of luck,
Barb Van Stensel
Keller Wiliams Lincoln Square
2156 W. Montrose
Chicago, IL 60618
Is the home listed for sale? If it is not, all you can do is wait as the home may be under redemption or other issues may be at play (will they evict tenant, will they make servicer repurchase property, etc).
If the home is listed for sale you can put in an offer on the property and you can agree to take the home with the tenant in it and you can try to get them out yourself. However, with this option you take on all risks attached to the tenant.