HBOKC

If you are a new landlord there is a high probability you will have to deal with a bad tenant that either can’t pay rent or is failing to maintain your property in a manner in which you approve. Here a few ideas to help you deal with a bad tenant. 1. Communicate – The most important, an often undervalued, aspect to salvaging an eroding situation with a bad tenant is communication. If you are not talking to a tenant then you are not gaining the information needed to help you chart the most effective path for both you and your tenant. As the landlord it’s crucial that you take command of the situation (remember this is your property!) and establish clear expectations. If the tenant is not maintaining the property in a manner in which you approve explain your expectation and if relevant set a deadline on when you expect to see the area of concern remedied. Bad tenants can become good tenants but it’s your responsibility as a landlord to create the framework for their improvement. 2. Failure to pay – The most common cause of conflict between landlord and a bad tenant is the tenant’s failure to pay rent. Most leases consider rent to be late on the 6th day of the month at which point and time the late fee becomes applicable. If the tenant has not paid you can serve the tenant a Notice to Quit which formally recognizes the default condition and lists the specifics required to prevent eviction. The Notice to Quit creates a five-day window in which the tenant has the opportunity to remedy the condition of default, if the tenant does not make the correction you as the landlord can move forward with filing a formal eviction. Additional information regarding Notice to Quit can be found here 3. Lease terms – Other conditions that can constitute lease violations are listed below: Individuals living in the house that are not on the lease Violation of a pet policy Property not kept in a clean and habitable condition All of these conditions constitute lease violations that can be causes of eviction and can be addressed with a Notice to Quit. Your first focus as landlord should always be to salvage the lease and get the bad tenant back to performing to the lease terms. As a landlord vacancy and make-ready can be two of your largest expenses, in fact they can consume a large portion of a year’s profit. If you can correct the bad tenant’s behavior and keep them in the lease your properties financial performance will benefit from your effort. If your bad tenant can no longer financially perform another option is to create an amicable agreement whereby you agree not to pursue eviction if they leave with the property in a rentable condition at timeframe of your choosing. This type of agreement will allow the tenant to avoid an eviction and allow you as a landlord to accelerate the time required to get a paying tenant in the house. If your tenant agrees to these terms you can negotiate the deposit as the final month rent which is a salvageable circumstance if the bad tenant is not capable of paying. It is important to have your attorney create a legal document for both you and your tenant to sign to avoid any confusion or delay regarding the tenants exit of the property. If you are dealing with a bad tenant and are no longer interested in be landlord Housebuyers OKC can help. We can buy your property with the problem tenant in place in as little as two weeks. Our process is simple, we walk the house one time and then make our offer. When we come to agreement, we do all the work and you simply have to show up at the closing to sign documents and collect your check. Please take a minute to listen Nathan’s story and how we bought his house with the tenant in place. We have helped a number of landlords by purchasing their properties with the tenant in place and we can do the same for you. Please visit our site here and fill at the quick contact form and we will be in touch ASAP. Let us make your bad tenant our problem!

If you are having a hard time selling your house or you had to make an unexpected move then renting your house may be an option you are considering. If you are considering renting your house here are few things to keep in mind: Time frame – The most common lease duration is twelve months. Most renters are accustomed to that timeframe and will have the expectation that the initial lease term will be twelve months. Past twelve months some landlords go month-to-month while others require the tenant to sign a new twelve-month lease. If you are only planning on renting your house for a short time then a six-month lease or a month-to-month lease may be a better option for you. It’s important to take into consideration that most tenants are looking for a house they can rent for two to four years, by only offering a month-to-month or six month term you will limit the number of applicants that will be interested in your property. Condition of the property – If your house is in condition to sell today and you are considering renting your house it is important to realize that you will have some work to do when the tenant finishes their term in the house. Depending on your success with the tenant the work required could be as little as touch up paint and cleaning, if your luck with a tenant is not so good the damage and required repair could be much more extensive. Eviction – Eviction is a reality that most landlords will face at one time or another. In the state of Oklahoma an eviction can take up to thirty days from notice to the landlord re-gaining possession. Oklahoma is a landlord friendly state however re-gaining possession is often times not the most difficult part of the process, repairing the damage done by an evicted tenant is often the most time consuming and expensive process. For a new landlord the possibility of eviction and all the negative outcomes should be evaluated and given thought as a possible downside to renting your property. Lease – Leases can be obtained from the Oklahoma Real Estate Commission website located here. Leases are standard in nature however it is important that you capture all of the individuals that will be living in the house and clearly state the time frame and the agreed upon rental rate. Run the numbers – It’s important to run the number and evaluate the expense and cash flow involved in renting a property versus a reduction in price to realize a faster sell. Run the numbers under a number of scenarios and make sure you are comfortable with the potential outcomes prior to renting the house. It’s important not to let short-term emotion get in the way of what will be a long-term decision. If you are considering renting a house that you have been unable to sell it’s important to consider all of the potential outcomes. Renting your house can be a good option to bridge a gap to a future sale however there are downsides that need to be considered. It’s important to evaluate all of your options to make a sound decision. If you are having a hard time selling your house give us a call and we can discuss how we can help. We offer a quick sale solution and can close in as little as two weeks. We have been helping our fellow Oklahoman’s with their property problems for over fifteen years. If we can’t buy your

Selling a house on cash terms can come with any number of expectations. However, the intent of the offer and the process to get to the closing table is largely consistent. Let’s take a look at common cash offer terms and their definitions to give you a better idea of what a cash offer may look like. “As-is” – a cash offer should account for the current condition of the property which implies the good, the bad, and the ugly. Unlike traditional retail real estate transactions, a cash offer is intended to represent acceptance of the current condition of the property. Traditional bank loans have property condition requirements that may disqualify a property if the condition of the property is not in inhabitable condition. Cash offers are not reliant on bank approval and as a result are not susceptible to the stringency of bank required inspections. Bank Financing – One of the greater benefits for a seller that accepts a cash offer is the absence of the requirements of traditional bank financing. Traditional real estate transactions can fail when a buyer fails to qualify for bank financing. Cash buyers use funds from private sources that do not require the scrutiny required by banks for home owners to qualify for a loan. Speed – A bank financed purchase can take over four weeks to close. While in contrast a cash offer can close in as little as two weeks. The time required to close with a cash offer will be dependent on the title work and any additional time required by the seller. Inspections – A cash offer can still come with an inspection window during which the buyer can gain access to the property and review the condition of the home. Inspections with cash offers are often informal and done by the buyers instead of a professional home inspector. Inspections are often done within a few days of the initial contract date. As previously noted in traditional transactions, property condition reports that are produced from home inspectors can result in properties not qualifying for a loan if certain condition requirements are not met. Cash offers do not require inspection reports in order to get to the closing table. Appraisals – Traditional real estate transactions require appraisals as a means to establish a third-party valuation, banks require appraisals to protect their interest and ensure the agreed upon offer price is reflective of both the property and current market conditions. Cash offers do not require appraisals and as a result can close faster and are not subject to adjustments in offer price due to an inspector’s opinion. Cash offers present an opportunity for property owners that are under time constraints or have property that is not in condition to qualify for traditional financing. Cash offers close fast and are more certain to close given the absence of appraisals and the need for the buyer to qualify for financing. We are locally owned and operated family-based company that has been serving the greater Oklahoma City area for over 15 years. We buy houses in Oklahoma City and the surrounding areas in all conditions and circumstances. We make cash offers for properties and we close them in as little as two weeks. If your family is dealing with a property problem or you just need a quick sale, we would love the opportunity to talk to you about how we can help. Call us today at 405-279-9799 and we can discuss how we can help, if we can’t buy your property, we’ll give you advice on a direction that will help you and your family.

It’s summer time in Oklahoma and as we all know that means moving season, yes moving that one life activity despised above all others. It’s hot and getting hotter what better time to physically lift your entire existence to a new location! All jokes aside summer is the moving season and there is no greater time than now to take this opportunity to sell your property. In the spirit of the move we present the top three reasons to sell your home without a realtor: 1. Savings – When you sell your house without a realtor you save on average 3% that would have been spent on realtor commissions. Keep in mind if a realtor is involved with the buyer they will expect to receive a 3% commission for their effort. To truly avoid commissions, you will need to find a buyer that is not represented by a realtor, keep that in mind as you analyze your choices. 2. Control – Selling a property (FSBO- for sale by owner) means you control the timing of both the open houses and the showings. This allows you to work around your own schedule and control when you allow people into your home. While you gain control of viewings if you have a busy schedule this may present delays and the potential for loss of opportunity with time-sensitive buyers. 3. Access to Marketing Tools – With today’s access to Zillow, Redfin and any number online resources marketing your property to potential buyers has never been easier. The key to providing effective marketing is a focus on imagery, pay a photographer to photo your house and post 20-30 pictures in your posting. Make sure your images are well lit and the property is clean. The more images you post the more time you will have for potential buyers to imagine themselves living in the property. Once you have an interested buyer make sure and request a cash deposit (earnest money), you will also need to make sure and contact an attorney and title company to help facilitate the closing. If you are looking for an easier way to sell your home without a realtor in the Oklahoma City area please contact us at House Buyers OKC, we would love to talk to you about our quick and easy process that only involves three steps. We move fast and save you both the time and money associated with realtors and selling a property on your own. Please review our three-step process below and contact us today. 1. Call 405-279-9799 or use our contact form below and we will setup an appointment at a time of your convenience to view your home 2. During the appointment we will walk the property with you and make a fair offer 3. Closing at a local title company (usually as quickly as within two week)

If you’re looking to sell your house fast in Oklahoma City we have a few ideas to help you when the race. These ideas are simple and can be followed with or without a realtor. Summer is the time to catch the wave of interested home buyers, once school has started the interest will subside. Most schools in Oklahoma are back in session in late August which means if you are looking to take advantage of the summer market the time is now. 1. Fresh paint – when it comes to bang for the buck there is no greater return than a strategically chosen modern paint color. Greys are currently all the rage and are commonly offset with a lighter trim color. One word of caution, be careful when choosing to paint trim it can turn into a marathon effort. The lighter the grey the larger a room will feel. 2. Price under market – with Zillow/Redfin and even the county assessor website finding a comparable price for a combination of square footage and location has never been easier. Once you have determined a comparable price for your property pulling 5-7% off of the comparable price is a proven way to increase browsing traffic which in turn provides a greater flow of deals. 3. Invest in Photography – A professional photographer can be contracted for around one hundred dollars to create well let and engaging images of your property. The more images you display the more likely hood the potential buyers will spend time browsing your images and placing themselves in your property. Lighting is a cheap investment to ensure your images display well, spend a few extra dollars on halogen and LED lighting to maximize your photography investment. If you are interested in selling your house fast without the additional effort required to prepare and market your home contact House Buyers OKC today and we will go to work fast on a fair and quick offer. We have over ten years of experience in the Oklahoma City real estate market and can help you with your property regardless of the condition. Give us a call today and we’ll schedule an appointment to view your property. We have a simple three step process that will provide you with a fast and fair solutions. Give us a call today!! 405-279-9799