Landlord officially lost property to foreclosure 5/8/13 (property became bank owned). Property finally sold to investor 7/5/13. Investor wants us to move. We had a month to month lease here in Dupage County, IL; what are our options from here?
2 Answers from Attorneys
YOU CAN MOVE OR WAIT FOR THEM TO SERVE YOU WITH NOTICE AND FILE SUIT. ONCE THEY RECEIVE ORDER OF POSSESSION FROM THE COURT YOU CAN MOVE OR WAIT FOR THE SHERIFF TO EVICT YOU.
If it's truly an investor, and wants to keep the place as a rental, you can try to cut a new longer term lease deal, but there are NO guarantees. If the "investor" really wants to move in, you're done and the only issue is how many court trips you want to have to make before you're ultimately gone, and how much you may be liable to them for in the way of rent, court costs and possibly attorney fees.
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