Rhyne Jr, a real estate attorney in Mount Pleasant, South Carolina. While temporary eviction suspensions in response to the pandemic have allowed tenants to remain in their rental homes during nonpayment, once the lease ends, that no longer applies, according to James R. Otherwise, finding a buyer is not going to be easy. There aren’t too many people who are willing to inherit that kind of situation.”Īlexander recommends that in the case of a tenant not paying, it’s best to wait until the lease term ends. “Buyers do not want to inherit a tenant who isn’t paying. “Landlords are having an extremely hard time right now. It will likely be difficult to sell a home with an active lease and tenant who is behind on rent, according to Duane Alexander, a real estate investor based in Atlanta, Georgia. Does a tenant being behind on rent impact a landlord’s ability to sell? The policies vary and are evolving, so check your official city website for the latest updates and information. have put a hold on evictions while a renter’s federal assistance application is pending. Other states including Oregon, Massachusetts, Michigan, Minnesota, and Washington D.C. In Connecticut and Virginia, for example, a landlord must apply for federal aid before moving to evict a tenant.
renters still have some pandemic protections, according to a CNBC report. How does the eviction moratorium affect a possible sale?Īlthough the national eviction moratorium has expired, about half of U.S. A recent HomeLight survey found that nearly a quarter of real estate agents nationwide are helping landlords list properties to recoup pandemic losses. Many landlords aren’t sure if or when they will be reimbursed for significant income losses and whether they can manage to hold onto their properties.Īt the same time, real estate prices have surged in response to the recent housing boom, making it an attractive time to sell your rental property and cash out. The financial impacts of an elongated pandemic have placed additional stressors on renters and landlords for the foreseeable future.īillions of dollars in missed rent and the slow distribution of federal rental assistance are just a few of the factors creating uncertainty. “But if it’s been a cordial relationship, it can be great and a tenant can be very useful.” Source: (Vecislavas Popa/ Pexels) Selling your rental in 2022? What to know “If it’s a strained relationship, the tenant is not going to be overly motivated to assist the owner,” explains Jennifer Wemert, a top Orlando area real estate agent and investment property specialist. These rights may impact when you as the landlord can schedule house viewings and affect other steps in the process. However, if your property is occupied, you need to be aware of a tenant’s rights when a house is for sale as they pertain to your area, as well as the specific terms of your lease agreement. You may have already decided to sell your rental property in a seller-friendly market or are weighing the possibility of it. HomeLight always encourages you to consult your own legal advisor. Information in this blog post is meant to be used for educational purposes only. Disclaimer: Laws regarding tenant rights vary by locale.