Do Ellis evictions affect resale value or financing options?
Some Realtors believe that Ellis evictions lower resale value, but this is difficult to substantiate with market data. There are certain lenders who refuse to finance Ellis buildings, but this has proven problematic only for larger buildings where relatively few lenders are willing to provide financing. We recommend that resale and financing issues be investigated and evaluated before Ellis act evictions are undertaken. What are the procedures for owner-occupancy (owner move-in) and Ellis evictions? In an eviction, even minor mistakes are fatal, and require the owner to begin the entire process anew. The following is a partial list of procedures: Notice: An eviction notice must be in writing and contain the magic words in the proper places. The form of the notice depends on the Just Cause for the eviction. Avoid any conversation that could be interpreted as an improper oral notice or any letter that could be interpreted as an improper written notice. Filing: A copy of the notice must b
