Rentals in 60625>Question Details

Jonathanb565, Home Buyer in

Currently own condo. It is rented, lease will be up Dec. 31, 2013. I would like to put it on the market now and sell it. Can I do this?

Asked by Jonathanb565, Mon Jul 8, 2013

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Totally, keep communication with the current tenant and let them know that you will be putting the unit on the market. Assure them that their lease will be honored. I have seen some renters work with you and start looking for a new rental before their lease is up. Follow up and communication is key!
0 votes Thank Flag Link Sat Sep 21, 2013
Hi Johnathan,

Lots of options here for you to choose from in terms of who to work with.

Good luck!
0 votes Thank Flag Link Fri Jul 12, 2013
Yes Jonathanb,

Not only could you sell it to someone who hopes to occupy the place come December (just make this one of your contingencies), but you could also sell it as an investment. I have vast expertise in both areas. We can bring you investors and owner occupants who are interested in buying your condo. Please feel free to reach out to me at any time.

Ryan Hanley
0 votes Thank Flag Link Fri Jul 12, 2013
If you find a buyer that needs financing, the mortgage they will sign requires them to take possession within a specified number of days. If you sign a sales contract this early they will not be able to close on their purchase money mortgage if they use a standard type of loan. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference:
0 votes Thank Flag Link Thu Jul 11, 2013
Yes it would just have to be known to any potential buyer that they can not move in til after the lease is up. A little early to put the property on though, you should wait til the fall.
0 votes Thank Flag Link Thu Jul 11, 2013
1) if your property is in Chicago, you get a Chicago real estate agent
2) you have to talk to the tenant and actually see the unit to see how they keep the unit
3) find someone who is an expert in your neighborhood.
4) review your lease to see if any languages specifically addresses this, i.e. clause 17.e. landlords may terminate a lease with 120 days notice or you may show the unit with in last 60 days of the lease with proper notice.
5) never get a suburban agent a city listing. Chicago agent hate to call agents who 1. will not be able to show up, which they will have to since it is occupied, or 2. will put a lockbox on property with an electronic lockbox, for which no city agent had the electronic key. Real estate is LOCAL!!!!
0 votes Thank Flag Link Thu Jul 11, 2013
You can do this, we put it on the market with a contingency to be availiable on the specified date,
For the tenants livg there now, you ask them for four good days of the week and time. Thats when we will set up all the showings. Feel free to call me any time.
Thanks Anthony Giannone
0 votes Thank Flag Link Thu Jul 11, 2013
To keep the tenants excited about have visitors intrude on their life you may consider paying them by reducing the rent $5-10 for each viewing they allow and to keep the home nice.
0 votes Thank Flag Link Wed Jul 10, 2013
You may talk to a local real estate agent.
0 votes Thank Flag Link Wed Jul 10, 2013
I have sold Condos in 3 days, Give me a call I will do a CMA on it and see what we can list it at.
I always get the job done and answer 24/7 you will not be let down.
Thanks Anthony Giannone
Broker for Kettley realtors
0 votes Thank Flag Link Wed Jul 10, 2013
The lease usually allows for a period of time wherein if the tenants are not renewing, you are able to market the property. In the leases that I have used, that time period is 60 days. The tenant usually signs this saying that they will allow the property to be shown during that marketing time at the end of their lease so that you do not lose marketing time and have to wait until the property is vacant. Check your lease!

Good Luck :)
0 votes Thank Flag Link Tue Jul 9, 2013
I am a broker, not a home buyer. Not sure what happened in that last post.

Melanie Feddersen
0 votes Thank Flag Link Tue Jul 9, 2013
I just sold a condo which had tenants in place. The owners asked the tenants if they wanted to
buy, but they weren't in a position to do so. We negotiated an early termination of their lease. You
want to make sure it is done correctly. We ended up getting into a bidding war because the market is
so hot, and we got above list price! If you want to talk, feel free to contact me @ 312-860-8989.

Melanie Feddersen
Prudential Rubloff
0 votes Thank Flag Link Tue Jul 9, 2013
Yes. Call me 773-914-5309 or email I've handled this type of sale before.
0 votes Thank Flag Link Tue Jul 9, 2013
Hi Jonathan,

Although I'm not the first to respond and give a more original response I hope you include me should you be interviewing a Realtor.

You are definitely able to sell your rental property mid-lease. The big thing you have to be cautious of is cradling your tenant throughout the process as you will heavily rely on them to make this process easy - they hold the upper hand on making this a very easy process or an awful one.

The first thing to stress is that in no way will his lease be affected and the new owner has to honor his or her written lease fully - they can not raise the rent mid-lease and they can't kick them out. Most tenants assume the worst and . The next step would be having your tenant accept the fact you will be having showings. I've worked with many landlords and their tenants and have a great rapport with everyone. I introduce myself to the tenants, I talk about what they will encounter along the way and I make sure they know that their life will not be affected by these showings. Because most leases say a landlord can only show the property for sale or lease during the last 60 days of their lease term you may have to entice your tenants with a reduced rent in order for them to be ok with a Realtor entering for showings.

There are a few more things to juggle BUT the good thing is that I absorb a lot of this work in order to make you and your tenants's lives as easy as possible.

Call or email me an I would be happy to chat today about next steps and what I can offer you as your Realtor.

Jeff Stewart
REALTOR®, @properties
3101 N. Greenview Avenue, Chicago, IL 60657
309-269-3499 CELL | 773-305-0480 FAX
0 votes Thank Flag Link Tue Jul 9, 2013
Great question!
If you have a lease that is in place now, you must contact the tenant and let them know you want to put the place up for sale, and ask them if they are interested in buying it. If not, then when you list the property, the lease goes with it. The new owner will have to negotiate with the tenant if they want the tenant to leave or honor the completion of the lease. There is a market for rental property that is already occupied to avoid the new owner from having to look for a new tenant.
Let me know if i can be of further assistance!
0 votes Thank Flag Link Tue Jul 9, 2013
To get the best results work with an agent that is very familiar with the area where the condo is located as he or she will know the latest rental and purchasing patterns in the area; there may be a good amount of investors looking there but will they be there at your current asking price/rental amount; you need to find this out. In finding an owner-occupant buyer working with an agent that has experience selling properties with tenants to make the showings as smooth as possible is key. Is there enough demand right now for a property like yours to sell despite the far off possession date? If not, dont sit listed until November waiting for your offer, possibly damaging your price. There are a couple of variables with your sale, work with a competent, experienced agent to get the best answers now and results in the future.

Santiago Valdez
RE/MAX Signature
Web Reference:
0 votes Thank Flag Link Tue Jul 9, 2013

Now is the time to work with a good broker. While interest rates have jumped a point int the last 30 days now is still a good time for that new homeowner. Out of curiosity have yous spoken to you tenant to see if he or she would be willing to move out a little early? Many people like to be in their new homes before the holidays. Not that homes don't sell through the holidays.
0 votes Thank Flag Link Tue Jul 9, 2013
Yes you can. It would just have to be sold to someone willing to take on the renters since the lease transfers with the sale.
Web Reference:
0 votes Thank Flag Link Tue Jul 9, 2013
You might be a bit early, but it is possible. Have an agent do a market analysis to see what it might be worth and see how popular or not it might be. Some areas and property are selling faster than others.
0 votes Thank Flag Link Tue Jul 9, 2013
Hello Jonathon,

Like everyone says, yes you can. However I would only put it on the market if you need to dump it or sell at a price that only attracts investors. You will get a far better price if it's purchased by an owner occupant. If you can hang on a few more months do so. Plan to have it hit the market October 1st and include verbiage that the unit is rented through 12/31. That time frame should satisfy most buyers.

If you need to discuss any further please feel free to call or email me.

Be well.

Ian Halpin / Broker
Jameson Sotheby’s International Realty
425 W. North Ave. / Chicago, IL 60610
O: 312.335.3220 / F: 312.229.9190 / C: 773.531.4479 |
0 votes Thank Flag Link Tue Jul 9, 2013

You would need to coordinate with your current tenant so they are in agreement with showings, etc. There are tactful ways to persuade your tenant to agree and even help you sell the condo.

You are going to have a short period to find the buyers with kids or expecting as most want to have a place by August for the school year. The next group of buyers will be those who are looking to buy before winter. Then there are another group, so on. It's important to speak with an agent who not only understands marketing properties for sale, however they should be on expert on pricing. This agent will know how to market and price properties using absorption rates, inventory, comparable sales, current competition, market trends, etc.

Sohail A. Salahuddin | Founder and Team Leader

Innovative Property Consultants Group | Sales and Leasing

Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 

O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

"Extraordinary Service For Extraordinary Lives"
0 votes Thank Flag Link Tue Jul 9, 2013
You can, but it depends on who will want to buy it. If it is an investor, great. If it is someone that wants to move there buy has some time to wait, great. But, if it is an owner who wants to live there right away, maybe not so great! It is easier to sell if the person can move in right away. If they can't it will limit the type of buyer you will attract.

You may want to talk to your tenant as well. Maybe they will let you give them a 60 day notice and they will move. It might work well for them if you do not sell it right away they may need to be prepared to move also.

Give me a call if you would like to discuss options.

Good Luck!

Jeffrey Olichwier
Managing Broker
Patrick Jeffrey Realty
Chicago IL
0 votes Thank Flag Link Mon Jul 8, 2013
Absolutely you can market it now. You'll need to disclose that it is currently rented and any new owner will "inherit" the lease. You could also talk to your tenant about an early termination. Many tenants are willing to be bought out of their lease. If your potential buyer is not an investor but rather someone looking to purchase for a home for themselves, then they'll probably shy away from a property that is currently rented. Your best bet is either to talk to your tenant about early termination or wait until around September before listing so that the lease end can coincide with a sale closing date.
Mark Goldberg
Prudential Rubloff Properties
0 votes Thank Flag Link Mon Jul 8, 2013
Of course everybody is doing this becsuse the market is goimg down in september
Email me for more info
0 votes Thank Flag Link Mon Jul 8, 2013
I think you meant the Chicago real estate market is seasonal and the Market slows down in October. The prices tend to hold steady over the fall and winter and increase in the next spring. There is less activity. The market is not going down, per se.
Flag Mon Jul 8, 2013
What do you mean by "the market is going down in September"?
Flag Mon Jul 8, 2013
Yes. Feel free to contact me about the details.
Web Reference:
0 votes Thank Flag Link Mon Jul 8, 2013
You can certainly try to sell it now. You might be limiting the buyers because if the next buyer wants to be an owner occupant and is financing the property, they will typically not be allowed by their mortgage company to rent it out for more than 30 days or so.

Your chances for a successful sale will increase if your rent is at or above market rates and if your tenant is tidy and flexible with showings. We've sold properties with great tenants who were very cooperative (one sold today!) and others with very uncooperative tenants who made it difficult to show and didn't clean up before we were coming. There are ways you can incentivize your tenant to help them cooperate.

Eric Marcus
Eric Marcus Real Estate Group
Your Real Friend In Chicago Real Estate
0 votes Thank Flag Link Mon Jul 8, 2013
Sure you can, simply have your attorney include the lease terms in the sales contract and go ahead and sell. Right now is a great time to sell. If you wait until December you may not get as many offers. Definitely consider the timing and the current sellers market. Call me anytime.
Anna Colletti
Baird & Warner
0 votes Thank Flag Link Mon Jul 8, 2013
Yes you can. If the closing is before 12/31/13 then the new owner will likely need to honor the lease that you have in place.
0 votes Thank Flag Link Mon Jul 8, 2013
Possibly. Depends on the location of the condo. Email or call me if you'd like to discuss further.
0 votes Thank Flag Link Mon Jul 8, 2013
Yes, this is done all the time. Consult a realtor on how to properly market and sell this property.
0 votes Thank Flag Link Mon Jul 8, 2013
Yes, most standard Chicago leases have a 120 day termination clause in the event you want to sell or remodel. Check your lease. Also, talk to your tenant and see how they feel about showing. They may be very messy and it could work against you, or they could have beautiful furnishing that will help sell the unit. Another thing to keep in mind it vacant rooms looks smaller. There is nothing to scale the room against.
0 votes Thank Flag Link Mon Jul 8, 2013
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