Sell Your Rental House Fast in Cincinnati, Ohio After Eviction Moratorium Ends
The CARES Act eviction moratorium began on March 27, 2020. Although it was originally designed to only last three months, numerous extensions provided continued relief for tenants unable to pay their rent. While the moratorium may have benefited renters, it has become a nightmare for landlords who suddenly find themselves without monthly revenue.
Landlords who still owe on their mortgage are under pressure from lenders threatening to foreclose on their properties. When renters don’t pay, and lenders file foreclosures, the options for keeping and maintaining the rental property diminish. If you are a landlord suffering because of the eviction moratorium, you may want to sell your rental house fast to avoid foreclosure or economic hardship.
What Is the Eviction Moratorium?
The eviction moratorium prohibits a landlord from removing a tenant from a rental property for non-payment of rent. The eviction moratorium provides only five circumstances when a landlord may evict a covered tenant. A landlord may remove a covered tenant who is:
- Engaging in criminal activity on the premises
- Threatening the health and safety of other residents
- Damaging or posing an immediate and significant risk of damage to property
- Violating a health and safety code or regulation
- Violating a term of the lease, other than non-payment of rent or fees such as late fees
Removing a tenant for any other reason will violate the eviction moratorium.
Why Did the Eviction Moratorium End?
The US national moratorium on evictions ended August 26 after a 6-3 vote by the Supreme Court. The moratorium had been implemented by the Centers for Disease Control and Prevention and extended by the President after it was set to expire on July 31, 2021. The moratorium was in place to target specific areas most impacted by rising COVID-19 cases, which could likely be made worse by mass evictions. It was projected to cover close to 90% of American renters.
Evictions were supposed to be suspended until October 3. However, this was challenged by landlords, trade associations, and real estate companies. In issuing its ruling, the conservative majority on the Supreme Court argued that the federal government didn’t have the power to order such a ban and that the CDC had exceeded its authority.
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Will Landlords Recover from the Moratorium Ban?
Yes and No. Landlords will eventually recover from the eviction moratorium ban. However, it could take several months for landlords to start finding qualified renters who can pay monthly rent consistently. At least 11 million renters have fallen behind on rent, and 3.6 million households could face evictions in the coming months. How will this affect landlords?
One of the first issues that landlords have to face is the possibility of foreclosure. Without monthly revenue, landlords have been unable to pay their mortgages. As a result, banks are in a position to foreclose on the properties. Many landlords face foreclosure, short sale, or bankruptcy.
Some tenants have not paid rent since the eviction moratorium began in early 2020. Needless to say, landlords will have to adjust their agreement instead of attempting to catch up on the monthly payments. This can cause many landlords to go into a financial crisis.
Lack of Qualified Renters
Even after landlords evict non-paying tenants, it could take several months to find a qualified, reliable tenant able to pay rent consistently each month. With nearly 11 million renters facing eviction, many of them are still without jobs or going through financial hardship, making it difficult to find suitable applicants.
In addition to losing revenue over several months, landlords will incur additional expenses after they evict tenants from the rental property. The biggest expense will be repairs and upgrades, which they must undertake to get the rental house ready for the next tenant.
Now Is the Time to Sell Your Rental House Fast
If you are a landlord who is suffering financially due to non-paying tenants, you may feel that you are out of options for keeping your rental house. If so, you face the possibility of foreclosure or bankruptcy. However, there is a way out. You can sell your rental house as-is in Cincinnati, Ohio, directly to a buyer.
Sell Your House Fast for Cash in 3 Easy Steps
Step 1: Contact Us
Call us today and tell us about your property. We’ll schedule a quick walkthrough of your house. No need to renovate or prepare your home. We buy houses as-is.
Step 2: Get A Cash Offer
If we are interested in buying your property, we’ll make a fair, no-obligation cash offer. We make most offers within 24 to 48 hours. Our offers come in at just under the current value of your house.
Step 3: We Pay Cash For Your House
If you accept our offer, then schedule a closing date that is convenient for you. We pay all closing costs and put cash in your hands in as little as seven days after closing. Selling your house is easy!
Contact Us to Sell Your House Today!
If you are ready to sell your house fast, then now is the time. Neighborhood Enrichment can make an offer and put cash in your hands in as little as seven days. Call 513-285-9032 to get a fast cash offer today.