In 2020, We Buy Your House in Oregon

2020 has been a different year after we started it with a powerful economy, we are entering the last quarter of it with the threat of a financial catastrophe.

We already know the awful COVID-19 consequences we have lived and suffered firsthand the economic devastation of the pandemic. It is unnecessary to redound in the havoc caused to most industries, and the millions of Americans unemployed throughout our country.

But it is necessary to talk about millions of families that in little more than a year will be left on the streets, with no jobs and a severe lack of income. 

Homeowners, mom-pop landlords, tenants, and small business owners will be on the homeless list.

The CARES Act pretends to protect homeowners with loans backed by a federal entity, but the 180 and 360 days forbearance is not an effective solution. Many homeowners and single-family individual landlords that at this date had signed for a forbearance plan, won’t have increased their income at the end of their plans. 

The current interest rates for mortgage loans are the lowest in the last 30 years. In Portland, the real estate market has risen more than 2.8% in the last 3 months, the home prices have risen 10% compared to the prices at the beginning of the year, creating an atmosphere of false optimism and secureness.

Recently. The Trump administration has announced an executive order to suspend the possibility of eviction of millions of renters, who have suffered financially because of the coronavirus pandemic. The moratorium will apply to those individuals who expect to earn $99,000 or less in 2020, or couples filing jointly who expect to earn $198,000 or less, those who received a stimulus check this year or would have been eligible based on their 2020 income, are also eligible. The Trump administration order could allow many renters to avoid eviction through Dec. 31. 

According to the Aspen Institute, between 30 and 40 million Americans could be at risk of eviction in the next several months. 

Mom And Pop Landlords.

Small landlords with a non-federally backed Mortgage loan are suffering the worst consequences of the coronavirus crisis. There are reports in Portland and across the country of dozens of thousands of moms and pops, and small landlords are at risk of losing their rental properties.

Many tenants have lost their jobs or been temporarily unemployed without the possibility of generating income. Oregon’s laws are protecting tenants from evictions from May until September 30/2020. But no federal or local law protects individual and small landlords with a non-federally backed mortgage loan.

On the contrary, banks have the freedom to act at their convenience when it comes to negotiating with a homeowner in distress. 

Better Off Home Buyers have contacted several private banks and lenders, asking if they have any protection programs for small landlords with a non federally backed mortgage loan. Few of them answered to us saying that they have three, and six months forbearance plans, but for a homeowner to qualify for any of those programs depends on each landlord or homeowner’s situation.

Other lenders and private Banks referred us to their web-site where we found nothing related to forbearance, deferred payment plans, or any other way to help small landlords or single-family homeowners with a non-federally backed mortgage loan.

Some mom-and-pop landlords own a couple of rental units or a small apartment building. For them, the monthly cash flow is essential for keeping up with obligations. They have bills to pay, maybe a custodian, upkeep costs, and a mortgage. If they come up short on payments and penalties accumulate, foreclosure could be the endpoint. 

Meanwhile, all that financial distress for landlords only postpones the problem for tenants. Tenants signed a contract and are on the hook for the rent payments they miss. When the crisis passes, they will find themselves paying double rent to make up what they missed. Many people living paycheck to paycheck or not working at all, won’t be able to do so.

Then landlords would be out of the money permanently, without income from their rental properties, they would be facing foreclosure processes.

Federally-backed mortgage loans

Mom-Pop and small landlords with a mortgage-backed for Fannie Mae, Freddie Mac, or other federal housing agencies that depend on their rental-house income will have the same fate when the crisis gets to its end. Without government rules, banks manage the housing problem in their best interest.

Selling Your House Fast.

Every day at Better Off Home Buyers, we get phone calls from desperate small landlords looking for a solution on their house-rental problems. The situations phone callers are exposed to us are similar. 

  • Lock of income from their rental properties. 
  • Tenants missing rental payments because they are victims of the COVID-19 hardship. 
  • Conventional mortgage loans that don’t qualify for forbearance or deferral payment plans.
  • Small landlords with a tight budget that can not continue fulfilling their property obligations.
  • In many landlord’s opinions: Their tenants have no income problems but they are taking advantage of the current coronavirus situation claiming they can’t pay rent.

In order to help these desperate individual landlords, Better Off Home Buyers have increased our Oregon third quarter 2020 purchase budget. We are working with small landlords with and without federally-backed mortgage loans. We want to provide people a way to escape from painful turmoil.

You can start the selling process of your house immediately, contact us by filling the information form on this page or dial directly (503) 202-9641. We will respond to your message or phone call in less than 24 hours.

Our process is easy, convenient, and transparent. You could have the money for your house in 7 days. 

After our first contact with the client, we set an appointment to inspect the house, then we present with a writing offer. The client can take all the time he needs to review our offer, we work at our clients’ pace. After our purchased proposal is accepted, we initiate the purchasing paperwork. Better Off home buyers are a team of professionals in the different aspects of the real estate industry.

We have the capacity to close in 7 days, sometimes depending on other factors, we have closed in a short time, like 2 days.

You Can Sell Your Tenant-Occupied Rental House.

COVID-19 tentacles are trapping and suffocating the real estate industry as it has done to the people’s health, the entertainment, lodging, and the transportation industries. But you can get rid of the coronavirus economic damages by taking action before it is too late. Check out the following bullet points:

  • If your tenants stopped paying the rent.
  • You have fallen behind with your rental-house mortgage payments.
  • The maintenance expenses and taxes of your rental house are beginning to build up. 
  • Either your loan is backed up or not for any of the housing federal agencies. 
  • If you signed for a deferral payment or a forbearance plan.

The CARES Act, the Oregon legislature to protect the health and the Oregonian’s economy, and the recent CDC measurements are well-intentioned, but in the long run, these actions will cause one of the most profound housing crises in the United States. Thousands of homeowners and small landlords are at risk of face foreclosure starting in a few months up to the end of the year 2021.

Why wait until things get worse?

If you sell your problematic rental property right now, you can save yourself a big headache. The coronavirus epidemic without control, unemployment to the highest numbers in a long time, business closing doors, and people desperate for the lack of income, is the situation Oregon and across the U.S are living now.

Having a house is the American dream, having a rental house is the continuation of the dream and the beginning of a prosperous investor life. 

When a problem shows up, it comes with the proper solution

In the real estate industry, the housing problem solution for landlords is solved by selling the property that is generating negative income, and look forward to reinvesting in another house or a  different business.

Even if we go back to normal in a month, the damage is done! it will take months or even years to a full economic and emotional recovery. Still, many people would fail with their rent payments. Also, many mom-pop landlords would not recover and could not pay back their missing payments.

Your rental-property has equity, take action, and sell it now. You can start all over again or keep the money for hard times ahead. 

The full recovery of the economy depends on the health authorities’ progress on controlling or eradicating the global epidemic, for sure, that is something that is going to take time, maybe a long time.

Meanwhile,  forbearance, deferral payment plans, or any homeowner help granted for banks and lenders will be expired. Foreclosures abandoned and looted properties will abound in many neighborhoods.

Avoid Foreclosure! We Buy Your Rental-House In Oregon.

Stopping your mortgage payments seems like an easy way to resolve a money shortage situation. Far from that, it is a situation that will bring consequences. People with a foreclosure in their credit record will have a minimum of 7 years ban from getting any kind of loans. 

You are responsible for any amount of money your lender could not recover when they resell your foreclosure home. On top of that, you must pay taxes for that difference because it will be reported as your income on a 1099 form.

Selling your rental property will prevent you from major financial issues. Be Proactive, not reactive. Better Off Home Buyers will buy your tenant-occupied rental house. You don’t need to bother your tenants, we will take care of them too.

Contact Better Off Home Buyers we are a leader in home purchasing in Oregon.

(503) 212-9641.

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