A majority of Oregonians disapprove of the ongoing nightly protests in Portland. After months of COVID-19 lockdowns and restrictions, job losses, protests, and now an explosion of forest fires, Oregonians are unhappy.
A survey conducted by DHM Research showed that every area of the state reports feeling negative, with majorities in the Portland metro area (54%), Willamette Valley (50%), and the rest of the state (63%) believing that Oregon is on the wrong track.
At Better Off Home Buyers, we had received reports from a lot of home sellers telling us they want to get out of Portland or get out of Oregon entirely.
Many individual landlords whom with we had spoken to, expressed their frustration by saying:
“If you have a tenant right now, you pretty much don’t have control over your property. You cannot get them to leave without giving them 90 days’ notice and $2900-4500 in relocation money. Oregon’s radical pro-tenant and anti-landlord policies are killing us!.”
It is sad, but this is what is happening in our beautiful city. We are confident in a short time everything comes back to normal, and today’s emotions will be part of the past.
We just want to continue helping homeowners with their home selling needs.
Individual landlords in Portland and Oregon feel stuck because literally, they can do nothing to regain control over their properties when they receive the “I Can’t pay the rent” notification from their tenants.
Despite the CARES act regulations, Landlords with a federally-backed mortgage loan doubt they can keep their rental-properties. This thought is understandable because if one takes into account that the pandemic is far from being controlled, the down-curve economy and the fact, banks, and lenders act freely on loans, no surprise in 2021, we will see a huge foreclosure listing.
For individual homeowners with a home loan not backed by the federal government, the picture is even worse. Renter-occupied homeowners with no rental income are already doomed to lose their investment properties.
What To Do if Your Tenants Can’t Pay Rent?
In Oregon, House Bills 4204 and 4213 went into effect on June 30, 2020, during the Oregon Legislature’s First Special Session of 2020. Allowing homeowners to deferral mortgage payments until September 31, 2020.
If you can cover your rental-house expenses during the epidemic, you are in a better position than hundreds of individual landlords in Portland.
Many landlords in Portland and across the USA are riding on a wave of uncertainty. We have been in communication with some of them here in Oregon and California.
Their concerns are, first, Income: Many are running out their savings. Others have lost their job or business, so their income flow has been substantially reduced.
Second: Tenant’s lack of income or no income.
During the pandemic, tenants can defer paying rent between April 1 and September 30, 2020. Oregon’s Covid-19 eviction moratorium law says. Landlords cannot evict tenants for non-payment during this time. Tenants will have a six-month grace period (until March 31, 2021) to pay the deferred rent.
Third: On September 4, the CDC temporarily halted residential evictions to prevent further spread of COVID 19.
Individual landlords feared that as of October their tenants would not be able or unwilling to refund deferred rent amounts. What would make them start an eviction process that would last a few months, adding more fuel to the fire! Now, that fear is even greater because the eviction moratorium has been extended until December 31, 2020.
So, If your tenants can’t pay rent on time or eventually they would be unable to do the deferred rent payments, you have no other choice than assume all your rental house obligations yourself. Period.
Selling My Rental House.
“Every problem has a solution” goes the old saying.
Sometimes we see the problem but we don’t focus on the solution. Some people froze wasting time and money when a problem is coming home. What we are experiencing since the coronavirus outbreak there is no doubt that it is a big problem. The good news is that there is a solution to individual landlords’ problems. In fact. more than one solution.
You can negotiate with your lender to determine a plan for the repayment of late payments.
If your lender agrees to a repayment plan, 50% of the problem is resolved. You just need to deal with your tenants respecting local and federal regulations for tenant and landlord
Another solution could be to relax the problem, let the time pass, and see what happens in the future when the pandemic ends.
But the proactive solution, the most effective solution to this rental-property problem is selling the house.
Due to the current situation in Portland, and considering that your tenants stopped paying their rent and that you probably cannot do anything about it in the next 12 months. That lenders are waiting like hungry beasts to devour the equity in your rental home. Selling your rental house is the smartest decision.
Currently, the house value in Portland remains the same. Selling your rental house today represents capitalizing on equity before the market crashes.
You can sell your tenant-occupied property in just 7 days. Better Off Home Buyers will submit a written win-win offer to you, the same day we review the property.
Selling Your Rental House To Better Off Home Buyers.
Better Off Home Buyers is the company leader in the home buying activity in Portland and across Oregon.
We know we are going through difficult times. But we will not be part of the problem. We want to be the solution. For this reason, we are extending our house purchase program for 2020 and the coming 2021.
We can buy your rental house including,
- It is tenant-occupied.
- Tenants stopped paying rent.
- You have a forbearance plan (180 days or 360 days)
- Your mortgage loan is backed up by the government.
- Your mortgage loan is a conventional one.
- Facing foreclosure.
- It needs repairs.
- AS-IS.
When a homeowner sells his house to us, he doesn’t need to worry about,
- Preparing his house for sale.
- Home inspection cost.
- Home repairs and renovations.
- Social media Advertising.
- Real estate agent’s commissions.
- Closing cost.
- Having his house listing for months.
- Depending on the homebuyer’s credit approval.
- Wasting his money and time doing and complying with the real estate agent’s suggestions.
- Taking the risk to get an infection disease like COVID-19.
We will pay cash for your home immediately. Normally, our purchase process takes 7 days, sometimes the process is done in 2 days. Sometimes it takes a little longer.
We guarantee the best price possible for your house. to find out how we can help you solve your real estate investment problem. Contact us by filling out the form on this page or dial directly (503) 212-9641.