Archive for the ‘Renting North Shore Real Estate’ Category
Geoff Brown Discusses Issues Facing Chicago and North Shore Renters
Issues Facing Renters
If you are currently looking to lease a house or condo, there are some pitfalls that other people in your position have run into. Due to the large amount of inventory of single family homes and condos that are on the market in Chicago and the North Shore suburbs, many homeowners have decided to lease their properties, either as a means to “wait out” the current real estate market or because they are unable to sell their homes.
If you are looking to lease one of these properties please be aware of these potential problems that might arise:
1. The homeowner has defaulted on their loan and the property will be foreclosed on by the lender. This problem is occurring often and once the property has been foreclosed on, the lender has the right to remove the tenant from the property. This is a major headache, at the least, for the tenant and most likely will result in monetary loss from moving costs and added stress.
2. The homeowner has moved out of state and has not hired a local property manager to manage the property. This also occurs often and the tenants often have a difficult time getting repairs taken care of when something goes wrong in the home, such as plumbing or electrical issues.
For more information on leasing properties, both as a lessee and a lessor, please contact me to discuss.
