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Updated over 5 years ago on . Most recent reply
How to deal with the occupants when buying an auction property?
I just purchased my first investment property at the county auction and the property is occupied. Do i wait to receive the deed which can take about a month or should i knock on the door now and begin the dialogue with the current occupants? I have only seen the exterior of the property and I would really like to see the condition of the interior so I can start planning the renovation. I'm in cook county which is in Illinois, any advice would be greatly appreciated. Thanks
Most Popular Reply
It would be appropriate to send them a letter explaining what is happening and what you expect of YOUR residents. A letter from your attorney is the second step. Start off friendly and see how it goes.
You should also offer to lease them the property "IF" they qualify. Screen them dilligently since they might be the very reason you now own this property. We use RentPerfect to screen our applicants. Members of Illinois REIA get this service for only a one time registration fee of 95 cents. Your applicants pay Rent Perfect for the screening.
Contact an attorney who works in that area and follow their advice. Don't have an attorney PM me for a connection.