The Portland real estate market is today one of the hottest spots in the USA. Due to the low-interest rates and few houses listed for sale, selling a house in Portland Or. could it take less than 30 days.
Is the Portland OR real estate market equals to any homeowner?
What if I have a rental house with tenants? What if my tenants are unemployed and can’t pay the monthly rent? What if I want to sell my rental house?
Are Portland’s Real Estate Market Conditions Suitable to Sell My Rental Property Today?
Today’s conditions in Portland’s real estate market fit the noblest seller’s dreams.
- Few houses are available for sale, which means less competence.
- The lowest interest rates in 30 years.
- Buyers relocating from more expensive cities like San Francisco and Seattle.
- Portland is considered the second-most-popular moving destination for millennials.
- A rising house price curve for the last 10 years.
- Appropriate for homebuyers looking for a natural wonder surrendered city.
A rental property with tenants can be sold at any time in Oregon. The rental house seller and the buyer must be aware of the tenants’ rights, and respect any existing rental agreement at the house sale time.
If your rental house is in perfect condition, you will have many offers for it in less than 24 hours. On the other hand, if your house is tenant-occupied and it requires repairs. It will be difficult to receive at least one offer in weeks.
So, answering the question: what if I have a rental house with tenants?:
If you want to sell your tenant-occupied house during this coronavirus time. Keep in mind that It is not going to be an easy endeavor. Homebuyers do not feel attracted to an occupied property. Also, unemployment is high, and many people have lost their jobs, others have to accept short hours schedules reducing considerably their income, and their capacity to pay rent
What if my tenants are unemployed and can’t pay the monthly rent?.
At Better Off Home Buyers, we receive homeowners’ phone calls looking for help daily.
Individual landlords have reported being forced to sign up in a forbearance plan because their tenants can’t pay rent, due to COVID-19.
Other landlords say they are counting on their house rental income to pay their second house mortgage obligations, but now they are behind on payments, which make them apply for a deferred 6 months program.
If your tenants have an income shortage, you must cover all maintenance expenses and mortgage payments for your rental property, but if you can’t meet your second house obligations, you are a foreclosure candidate. This thinking brings us up to the above last question.
What if I want to sell my rental house?
If you want to sell your rental house, either occupied or empty, we can help you.
Selling your tenant-occupied house during this pandemic time will free you from being dealing with a burden.
The forbearance plans are a short relief that could turn badly against you. The government and the health authorities don’t have a date when we could come back to a normal life. Dr. Anthony Fauci on many occasions had declared that the world won’t count on a vaccine until 18 months. That means a vaccine probably will be available until November 2021. In the mean-time, new coronavirus cases and its economic consequences will pop up everywhere.
If you need to sell your rental house, you must do it right away, don’t wait until things get worse.
Give us a phone call (503) 212-9641, or fill out the form on this page. My name is Scott. I’ll be chatting with you to help you the best way possible. At Better Off Home Buyers, the home buying process is clear, easy, and fast. We will walk you through our purchasing process step by step. Typically, the process lasts two weeks starting at the client’s first contact.
Are You a Rental House Owner?
We are dedicating this post to the rental house owners because many of them have contacted us during the last four months. All the rental homeowners’ calls have points in common.
- Rental homeowners depend up to 90% on rental income to pay their investment house monthly mortgage payments.
- Tenants have stopped paying rent due to unemployment.
- Rental properties tenant-occupied presenting partial or severe damages.
- Forbearance plans.
- Non-federal backed mortgage loans on default.
On the 4th of July weekend, we received a phone call from Mr. Carl Jhonson he was contacting us because his rental house and tenants were becoming a big headache.
Ending April, his tenant notified him, he was unable to pay for May rent because he got laid off, and he was not sure when his company would call him back to work. May, June, and July due rent days went by, and Mr. Johnson’s tenant had to continue experiencing the same lack-income situation.
Mr. Johnson contacted Portland’s city hall looking for information and advice on getting the best way to handle his landlord-tenant matter. He was directed to Oregon’s and Portland’s websites, where anyone can find the landlord-tenants’ regulations that apply during COVID-19.
In short, Mr. Jhonson couldn’t do anything to regain control over his property.
In the last week of June, Mr. Jhonson gave a tenant approved visit to his rental house, just to find out his property was inhabited by 12 people. violating the original rental contract clause of 4 occupants in the house. When he confronted his tenant, he was informed the other people living in the house were tenants’ relatives with no place to go, no job, and no money due to the pandemic
Mr. Johnson immediately contacted a Portland well-known law firm to discuss the case. The attorney advised him to not to take any legal action against his tenant, because, during this coronavirus crisis, evictions had been suspended, courts are not operating at full capacity, and a legal process will take a long time and a lot of money.
The most effective recommendation the lawyer gave to Mr. Johnson to solve his problem was to sell his rental house right away.
“Keeping the property in such tenant conditions would cost you money and stress,” the lawyer said.
The Attorney handed out the Better Off Home Buyers information to Mr. Carls Johnson, so after he discussed the subject with his wife to clear the panorama. Then he contacted us.
We visited our client’s house the very next day. We got to say his tenant as the rest of the people living in the house were cooperative. They are nice hard-working people who are suffering from coronavirus hardship, so inspecting Mr. Johnson’s rental house was as smooth as it is.
The same day we presented with a cash offer to the homeowner, and 7 days later he received a check for the purchase of his rental house.
We are not even close to the 2020-2021 real estate market crisis peak yet. The forbearance and the deferred payment plans regulated by lenders with the government green light. Will not help desperate homeowners and individual landlords that are struggling to survive with a reduced or none income due to the COVID-19.
Avoid the Forbearance trap, contact us (949) 212-9146.