Should I Sell My Rental House After the Eviction Moratorium Expires?
The CARES Act Eviction Moratorium provided relief for tenants unable to pay their rent due to the COVID-19 pandemic. However, landlords were heavily impacted by the moratorium, as a vital source of income suddenly came to a halt. Without the ability to evict non-paying tenants, landlords faced a financial crisis with no end in sight.
Now that the eviction moratorium has been lifted, landlords can take legal action against tenants to recover late rent payments. The problem is that many tenants are still unable to pay rent. Furthermore, many states still provide legal protection for tenants due to the recent COVID delta variant resurgence.
Can Utah Landlords Recover from the Eviction Moratorium Ban?
Once the eviction moratorium ban ended, it was assumed that landlords would either collect all past rent due or freely evict tenants from their rental houses. However, the issue isn’t that simple. Landlords couldn’t insist on rent being paid on time. Furthermore, mortgage payments to lenders, repairs, and maintenance costs continued as usual. As a result, landlords currently face tax liens, foreclosure, or bankruptcy.
Evicting tenants for nonpayment requires a lawsuit and sometimes lengthy court procedure, where a housing court judge rules whether the tenant may be removed or not. Eviction is costly for landlords, who must weigh nonpayment of rent against court costs, vacancy, and relisting and reletting costs.
So, even with the eviction moratorium ending, landlords still have an uphill battle to collect unpaid rent or evict tenants.
What Options Do Utah Landlords Currently Have?
If you are a landlord who has suffered from financial hardship or legal problems due to the eviction moratorium, you may be exploring your options for what to do with your rental house.
Work with Your Tenants
You may have been working with your tenants up to this point. You have waived rent, lowered the payments, or taken partial payment. Your tenants may be grateful, but they have shown no sign of improving their economic situation. As a result, you may be in a position where you can no longer work with them.
Take Legal Action
If you can no longer afford to allow non-paying tenants to stay in your property, you have the option of taking legal action against them. You may be able to file a lawsuit against the renters to either recover past rent or evict them from the property. Before you move forward with a lawsuit, you may want to consider the financial consequences and decide if legal action is feasible.
Sell Your Rental House Fast for Cash
A third option is to sell your rental house as-is for cash. It is true that you are giving up the property. However, selling your rental property can get you out of a bad situation and help you avoid foreclosure or bankruptcy if you still owe on the mortgage. You can sell your rental property directly to a buyer without hiring a realtor and listing the house on the market.
Can I Sell My Rental House with Tenants Still In It?
The answer is yes. You can still sell your rental house with tenants in it. However, you may have difficulty making repairs, marketing the property, or showing the house with tenants still living in it. Plus, you may run into legal issues when hiring a realtor and listing the house on the market. For instance, even if you sell the house, the buyers may not be able to move in until the tenants are legally removed.
If you avoid the market altogether and sell your rental house as-is directly to a buyer, you can avoid all the legal problems with your tenants. You can also avoid a potential bankruptcy or foreclosure. Once you close the deal, the buyer has the responsibility of dealing with the non-paying tenants. You simply sign the paperwork and walk away with no strings attached.
How to Sell Your Rental House in 3 Easy Steps
Step 1: Contact Us
Call us today and tell us about your property. We'll schedule a quick walkthrough of your house. No need to renovate or prepare your home. We buy houses as-is.
Step 2: Get A Cash Offer
If we are interested in buying your property, we'll make a fair, no-obligation cash offer. We make most offers within 24 to 48 hours. Our offers come in at just under the current value of your house.
Step 3: We Pay Cash For Your House
If you accept our offer, then schedule a closing date that is convenient for you. We pay all closing costs and put cash in your hands in as little as seven days after closing. Selling your house is easy!
Contact Us to Sell Your House Today!
If you are ready to sell your house fast, then now is the time. Manchester House Buyers can make an offer and put cash in your hands in as little as seven days. Call 801-529-4575 to get a fast cash offer today.