September 2020

  Oklahoma homeowners that rent out their property will at some point run into a tenant that doesn’t pay rent. This can start as a harmless conversation full of compromises and promises to a full-on legal battle if homeowners don’t stay on top of it. How do you deal with a tenant that doesn’t pay rent? Use this brief guide to understand your options as an Oklahoma homeowner, including some simple conversations you can have with your tenant, all the way up to the eviction and selling processes in your state. Conversation The first thing any Oklahoma homeowner needs to do when their tenant isn’t paying rent is to have a simple conversation. Some issues can be resolved this way. Tenants feel heard and they understand their situation better. This doesn’t always work, but it’s the first and least confrontational way to deal with a tenant that isn’t paying rent. Five-Day Notice Homeowners in Oklahoma can give tenants five-day notices to pay rent. If the tenant fails to pay or come to an agreement with the homeowner, that homeowner has the legal right to begin eviction proceedings. Note that if a tenant violates their lease or rental agreement in any way, the landlord can also proceed with the eviction process after giving the tenant fifteen days’ notice. If the violation is resolved within ten days, the landlord cannot evict the tenant. If it takes between and fifteen days to fix the lease violation, however, the homeowner can still proceed with the eviction even if the lease in order. Selling the House A more drastic way to deal with tenants that don’t pay rent is to take advantage of a good market and sell the house. In Oklahoma, June is the ideal time to sell a house. It’s when parents are preparing to go back to school and need to rush their moving plans. They aren’t as picky about prices or closing times in June as a result. Many homeowners don’t realize they can sell a property with a tenant still living there. They can, so long as they coordinate with the home buying agency or realtor to match the schedule of the showings and closing to the tenant’s whereabouts. Showings are awkward if the tenant is there at the time. Often, tenants who are delinquent on their rent may not ever pay it. Homeowners may opt to forgo the back rent and simply ask the tenant to move out, so their sale goes smoothly. That’s always an option for homeowners interested in selling a house quickly in Oklahoma. The Takeaway Home buying agencies like House Buyers OKC can take care of a sale for homeowners that are thinking about selling a house quickly in Oklahoma. It may not come to that, however, since tenants that aren’t paying their rent might just need a reminder or a little more time. Homeowners should use this information to handle the problem however they see fit. If eviction or a property sale is the answer they prefer, they have the right to do it.

  On top of dealing with all the licenses, contracts, and other responsibilities of owning a rental property, a frustrating tenant can make things much worse. If your vetting strategy failed you and you have an obnoxious renter, you need this guide to learn 3 ways to deal with them. We advise frustrated renters to sell your house with tenants if it comes to that but try to use these options first. They may be annoying, but they’re still a person who deserves a chance to make good on their lease.    1. Conversation Talking with a frustrating tenant may solve your issues or it may not. But by communicating with them, they feel heard and you may be able to figure out why they’ve been frustrating to have around. Communication is the foundation of all relationships and it’s no different in the relationship between a renter and a tenant. If you can reach a compromise over the issue they’re having and you don’t have to take more drastic measures, you should at least try.    2. Eviction Eviction is a big step, but it can be necessary with a particularly bad tenant. You shouldn’t rush the eviction option, but sometimes there’s nothing else you can do. You need a reason to evict a frustrating tenant other than being frustrating. They have to be violating a rule in their contract or doing something illegal on your property. The process can be difficult, which is why trying to find a more peaceful solution is preferable.    3. Sell your property One way to deal with a frustrating tenant is to sell your house with tenants still living there. Many property owners don’t realize they can do this, but they can. The tenants remain after the sale. There are a few things you need to know to effectively sell your house with tenants in it, and they may be harder if the tenant is frustrating. Do your best to follow these recommendations: Cooperate with your tenant Showing times will intrude on your tenant’s schedule if you don’t plan accordingly. You need to let your real estate agent know if your tenant’s schedule interferes with theirs. Remember that the lease they signed dictates how much notice you need to give them to do this. It’s awkward to have a tenant present during a showing, so just make sure they’re not there when you schedule them. Make your tenant’s job easy If you have a frustrating tenant and are trying to sell the house, make their job easier. Help them find a new place to live if they want to move out rather than stick around during the sale. Be firm with your tenant Even though you want to make compromises and be nice, in order to sell your house with tenants, you may need to be firm as well. If they’re behind on the rent, you need to collect it or take legal action to do so. If you want to make things easier, you might waive the charges in exchange for them moving out, so you don’t have to worry about legal notices and evictions. The Takeaway If you want to sell your house with tenants, follow these tips. Be open to communication and compromise but also be firm about your needs. Talk to your agent and your tenant about what needs to be done so you can sell the house. Contact House Buyers OKC to see your options.

If you find yourself underwater regarding your mortgage, basically, if you owe more than the appraised value of the home, then you may be wondering what your options are. On the one hand, you can stick with it, and try to catch up, but with how the market swings that may not be feasible. On the other hand, if your lender agrees, you might be able to sell your house fast during a short sale.   In this article, we will talk a little bit about short sales and highlight a few things to expect during the process. What Is A Short Sale? Simply put, a short sale is when you get approval to sell your house for less than what is owed. If you have a second mortgage, both lenders will need to approve the sale. That being said, lenders are generally more apt to allow a short sale, rather than go through the process of foreclosure, which is a lengthy and expensive process. The compromise is that the seller will take the credit score reduction that comes along with a short sale. The Short Sale Process Is Far Different From A Regular Sale From the point of view of the seller, before the short sale can even start, you will need to show the bank why a short sale is needed. This can mean providing documents like tax and wage paperwork. Usually, the bank will also require a statement called a “hardship letterâ€, which is a letter from the party responsible for the mortgage, explaining why their need to sell the home via short sale, and details the financial situation and circumstances that led to this need. You Will Need An Experienced Agent There are two reasons for this, firstly a short sale has paperwork unique to the process, and also the home is essentially being sold in an “as-is†condition.   Your agent will help to guide you through the generally complicated processes of a short sale easier than an agent who has only done a couple. Make sure they are experienced and familiar with the process.   With a traditional sale, there is usually an inspection, then an offer that can include credit for uncompleted repairs is made. This is not how a short sale works, the bank is already losing money on the deal, so the buyer will need to accept responsibility for any and all needed repairs. Two Common Short Sale Misconceptions If I short sell, I will not be able to buy another home for many years. Not entirely true, you may be able to get an FHA loan as soon as three years after the short sale. That being said, guidelines differ from lender to lender. A Short sale will destroy my credit. While it will certainly affect your credit, there is no one single answer on exactly how it will affect your credit. For example, if you pay on time, a short sale will lower your score, but not by the degree that missed payments would have.