The good news for renters this year is that there are many options available in what is best described as the private rental arena. There have always been investor type landlords, but in this market we are also finding sellers that having difficulty selling their homes may also list them for lease to help cover or eliminate their duplicate housing expenses. This has increased the number of single family and private condominium style properties on the rental market. With this increase however, does come some risk to you as a renter you should be aware of. A current hot topic issue for renters is that despite the fact you make regular timely rent payments to the landlord, you will never know for certain that your landlord is actually paying and current their mortgage. It has been estimated that 4 out of 10 homes foreclosed on are occupied by renters versus the property owner. Renters that had no way of knowing the home was being foreclosed on often found out only when the sheriff came knocking at the door with eviction papers. As a result a new Act was passed granting temporary protections for renters in this situation that will remain in effect until December 31, 2012.
Protecting Tenants at Foreclosure Act Passed 2009-2012
Radon Awareness
As of January 2008 sellers of property in the State of Illinois must disclose to buyers any known hazardous radon levels in their home in addition to the standard property disclosure requirements. The current Illinois acceptable radon reading level is less then 4.0. In any situation, we recommend that all buyers perform optional radon air quality test in addition to a professional home inspection if seeking to purchase any on direct foundation.