The dire consequences of
COVID-19 that we have experienced and suffered first-hand, economic devastation, unemployment, and reduced incomes have pushed homeowners and small landlords to take steps to alleviate their situation. It is not necessary to continue talking about the chaos caused for the pandemic here in Grants Pass, Oregon.
But it is necessary to speak of families that in a short time can remain on the street, without work and with a severe lack of income. Homeowners, mom-pop landlords, tenants, and small business owners will be on the homeless list if lawmakers and affected people do not take action.
CARES Act signed on March 2020, was issued to protect homeowners with loans backed by a federal entity, but the 180 and 360 days forbearance granted to protected home loan holders 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 and at the end of their plans will be standing on unstable ground.
Current interest rates for home loans are the lowest in 30 years. In Grants Pass, the home prices had risen more than 15% in the last 12 months. house compared to the prices of the beginning of the pandemic creating an atmosphere of false optimism and security.
The eviction of millions of renters in the US is around the corner. In the Grants Pass community, there are landlords that have been struggling because their
tenants have suffered financially during the pandemic, and stopped paying rent. According to the Aspen Institute, between 30 and 40 million Americans could be at risk of eviction in the next several months.
Grants Pass 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 Grants Pass and across Oregon, dozens of thousands of moms and pops, and small landlords who are at risk of losing their rental properties. Smallholders with a federally backed home loan are suffering the worst consequences of the coronavirus crisis. There are reports in Grants Pass and throughout Oregon, tens of thousands of moms and dads and smallholders are at risk of losing their rental properties. Many tenants have lost their jobs or been temporarily unemployed without the possibility of generating income. Federal laws are protecting tenants from evictions from May until July 31/2021. 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 Grants Pass and Portland’s private banks and lenders. We have asked if they have any protection programs for small landlords with a non-federally backed mortgage loan. Few of them answered saying that they have three, six, and twelve months forbearance plans, but the services stated that for a homeowner to qualify for any of those programs, depends only on an evaluation they will analyze on each landlord or homeowner’s situation. Other lenders and private Banks referred us to their directed us to their website where we found nothing related to deferred payment forbearance plans or any other way to help small homeowners or single-family landlords with a mortgage loan not backed by the federal government. 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. Better Off Home Buyers are responding to Grants Pass rental homeowners who call us periodically to tell us they have the same point in common. Rental homeowners depend up to 90% on rental income to pay their investment house monthly mortgage payments and expenses. Tenants have stopped paying rent due to unemployment. Rental properties tenant-occupied presenting partial or severe damages. Forbearance plans for them are not accessible. They think servicers won’t help because they want to take advantage of the home’s equity. On the 4th of July weekend, we received a phone call from Mr. Carl Jhonson. He is a landlord whose tenants do not pay rent for the last 10 months. Ending September 2020, his tenant told him that he was unable to pay October’s rent because he got laid off, and he was not sure when his company would call him back to work. months went by, and Mr. Johnson’s continues some landlords have to experience the same lack-income situation. Mr. Johnson contacted the Grants Pass city hall looking for information and advice on getting the best way to handle his landlord-tenant matter. He was directed to Oregon’s website where anyone can find the landlord tenants’ regulations. In short, Mr. Jhonson couldn’t do anything to regain control over his property. Last week Mr. Jhonson took a tenant-approved visit to his rental house just to find out his property was inhabited by 12 people. Violating this way the original rental agreement of 4 occupants. When he confronted his tenant about this situation, he was informed that 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 Grants Pass well-known law firm to discuss the case. The attorney advised him not to take any legal action against his tenant, because 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 Mr. Johnson received from the lawyer was to sell his rental house right away. “Keeping the property in such conditions would cost you money and stress,” the lawyer said. Then, 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, 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 visited Mr. Johnson’s house, we presented with a writing cash offer. Just a couple of days later, he got the cash for the purchase of his rental house. You Can Sell Your Rental-Occupied Property Too Many single-family home Landlords are facing rental income losses due to their tenant’s lack of income. The state of Oregon, the counties, and Grants Pass as well have implemented new eviction regulations to protect tenants. Rules have been extended several times until July 31, 2021, Which seems to be the last one. This means that a landlord can’t take control of his property while the regulations are in effect. Unfortunately, after 6 months without collecting any rental money, many landlords could default on their mortgage house rental obligations and may face foreclosure. The good news for them is that we are buying homes and inheriting their tenants. In the past, in the present time, and the future as well, Better Off home Buyers have dealt with tenants-occupied properties. Take Advantage of Your Home Equity No doubt the fastest solution for a homeowner or small landlord in crisis is selling the property on default. That must be a quick operation to be executed because the clock is clicking. Better Off Home Buyers will buy your property in Grants Pass. Together, you and our company can work to reach a win-win transaction. – We know that the housing inventory is low. – We know prices have been increasing during the pandemic. – We can offer a fair market price for your property. – We can close in 7 days. – You can sell your Grants Pass home to us through a transaction that will take a short time. – You don’t need to expend money on home repairs – You don’t pay for real estate commissions – You don’t need to receive strangers in your house. – You don’t need to risk your health to sell your property. – You will get the money for your home as fast as 7 days. – You are free to accept our writing offer at the time you decide. – No pressure, no hassle. After our first contact. We will visit your house, then, we will present with you a writing offer for your property. You are free to take the time you need to close the sale. We will work with your schedule. After we receive an ok from you, for our proposal, you will have the money for your property in 7 days or less. If you are selling your Grants Pass tenant-occupied property. Better Off Home Buyers will buy it. We are an experienced company in buying AS-IS properties. This includes properties in need of repairs and personal or financial problems that the homeowners may have. Contact Us for more information.