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Rental Basics in Central Oak Park : Real Estate Advice

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Activity 1
Tue Oct 4, 2011
Sue Archer Reynolds answered:
I think we've discussed part of these circumstances with you before?

They can't 'evict' you if the current owners are in foreclosure, however they can terminate your lease with the proper notifications. If they are doing a short sale while in the foreclosure process, you can notify the listing agent that you would like to be considered as a tenant if the new buyers are going to be renting the property. However, a short sale can take quite a bit of time, where will you be living during that interim?

The same with the home if it goes to foreclosure. There will be quite a time delay in turning it around, putting it back on the market, closing the escrow with the new buyer....
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