Selling Residential Investment Properties During The Covid 19 Pandemic.

 If you are a landlord you may feel like the world is out to get you. For the last many months you've lost the ability to evict non paying tenants, and there is a common belief that tenants cannot be evicted. I’m going to show you how you can resolve some of these challenges and get your real estate working again. Investing in real estate is a great wealth building strategy and it's worth spending a couple of minutes here to talk about how to take your profit or equity from your investment.

 I am Ken Crotts, a Managing Broker at eXp Realty and a 35 year veteran at real estate brokerage and investing. I have also graduated from the Real estate Institute of Investing. As a property owner myself I see an unfair burden has been placed on landlords in carrying the economic responsibility during the pandemic.

  There are many cases where a landlord or property owner may want or need to sell their property. The home may have been a primary residence for you and you’re coming up on the 2 year limit of the last 5 years to avoid capital gains. You may want the equity for other property or other investments or any of the other purposes you deem appropriate as the owner of the real estate.

  I am going to show you that in Washington there are some exclusions to  the eviction moratorium.   Is clearly referenced many times in the proclamations by our governor and the extensions to those moratoriums on eviction. I am not a lawyer so please seek legal advice before pursuing any actions with your tenants. I can also refer you to attorneys with expertise in this area here in Washington.

 In situations where the viability of your investment is at risk you may find that selling the property is the best way to extricate your equity to save it from being lost to mortgage, utilities, and repair expenses.

  Many landlords feel that they cannot sell their property because of the eviction moratoriums. That is not the case! You cannot evict a tenant for non-payment of rent, that is true. You can sell your property in Washington if you make the proper declaration that you are going to either move into and occupy the property or if you are going to sell it.

   That doesn't mean that you can say you're going to sell the home, evict the tenant, and then re-rent the property. You would likely find yourself in hot water if you did so. But if you do need to sell your property for whatever reason, you are able to do so.  A 60-day notice is required in order to complete the eviction. The sale will take 20 to 60 days to affect, so this is not an overnight process.

 If you are like most landlords you will take the tenants into consideration through this process as well. It is the right and legal thing to do but does need to be handled properly to avoid problems. 

It is worth doing your home work in advance to improve the process. Pre-planning and review of your property as a real estate investment, and determining if selling is the right thing for you should be carefully weighed. If you would like to talk about a property you own or just have questions in general just click the link below to pick a time in my calendar to chat. We respond quickly to calls and text as well. While this advice is generalized I know that your situation is special and unique to you and you’ll be looking for good honest advice.

I hope you’ve found this information helpful and look forward to hearing from you soon.

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