What Landlords in Tacoma, WA Can Expect Now That the Eviction Moratorium Is Over
In March 2020, the federal government passed the CARES Act Eviction Moratorium as a form of relief for tenants unable to pay rent. The moratorium was intended to prevent landlords from evicting tenants for nonpayment for a specified period. It was also enacted to slow the spread of COVID-19.
Although the current Presidential administration had attempted to extend the moratorium, the Supreme Court recently banned the moratorium, allowing landlords to proceed with rent collection or eviction to renters who still had not caught up on their rent payments. While the moratorium ban does provide much-needed relief for landlords, there are still several immediate and long-term challenges they will have to overcome to find new tenants and/or keep their properties.
What Is the Eviction Moratorium?
The eviction moratorium was designed to prevent a landlord from evicting a tenandue to rent non-payment. However, the moratorium was not comprehensive. The CDC made allowances for evictions. For instance, a landlord could remove a 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 would violate the eviction moratorium and hold the landlord liable.
The Eviction Moratorium Ban by the Supreme Court
The Supreme Court rejected the President’s last moratorium extension request, making it legal for landlords to take legal action against non-paying tenants. While some states are still banning evictions, states like Washingtonallowg landlords to evict renters who are behind on their payments by several months.
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.
It’s Still an Uphill Climb for Landlords
Even with the moratorium ban in place, landlords face various challenges that prevent them from finding suitable tenants or keeping their properties. Currently, 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?
Property Expenses
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.
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 are still without jobs or going through financial hardship, making it difficult to find suitable applicants.
Continued Late Payments
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.
Threat of Foreclosure or Bankruptcy
One of the biggest 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.
Sell Your Rental House Fast to Avoid Foreclosure
If you are a landlord 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 Tacoma, Washington, directly to a buyer. We make it easy to get out from underneath your property in just three steps:
Step 1: Contact Us
Call us today or fill out the form, and we will call you to discuss your home. We will schedule a quick walkthrough to assess your property. If our services meet your needs, we will make you a CASH offer within 24 to 48 hours. Do not worry about repairs or cleaning your property. We buy houses in as-is.
Step 2: Receive your Cash Offer
After a quick viewing of your house, we will make a cash offer. Our offers come in at just under the current market value of your property. There is no obligation to sell your house. You have nothing to lose and a more convenient sale of your house to gain. See how much cash you can get for your house!
Step 3: We Pay You Cash
If you accept our offer, we schedule a close date that is convenient for you. In most cases, we can close in as little as seven days. No repairs or cleaning is necessary – simply walk away from your property with cash in hand.
Sell My Rental House Fast in Tacoma, Washington
Before you contact the realtor or list your rental house on the market, do not pass up the chance to sell your house as-is for cash. Tacoma Cash Offer is here to help you find the simplest solutions to get cash-in-hand quickly without wasting time and money on repairs and closing costs. We buy houses for cash in Washington. Call 253-300-2897 today to get a fast cash offer.