If you own a rental property then this is a great investment for you and your family. However, it only takes one bad tenant to make you regret ever buying this property in the first place. Bad tenants are usually the exception rather than the rule and so this may be something that you ever come across but if you do then you may find the following information helpful when dealing with these tenants.
Be Understanding of the Tenant’s Situation
Everyone can go through a tough time financially every now and then and so a little understanding may be all that is needed. If your tenant has always paid their rent on time then there is probably a genuine reason why they are not paying now. If you can be flexible until they are back on their feet then you will get the money that you are owed and get to keep a good tenant.
Be Fair But Firm
If you have done everything you can to try and help your tenant but they are still not paying then it might be time to say enough is enough. You will need to remind them what your policy is for collecting rent and that this will need to be stuck to. Unfortunately there are people that will use every excuse that they can to get out of paying the rent that they owe. Remember, you would want the same fair treatment if you were the one behind on payments.
Make A Record Of Every Interaction
All interactions with the tenant should be recorded as you never know when you will need these as evidence. Keep every text message and email that you have been sent by the tenant and that you have sent yourself. The time and date of every conversation should be recorded with brief notes about what was said. If the tenants have damaged the property then photos of this damage will also be very useful.
Hire A Property Manager
A property manager can help take the pain out of collecting rent but there are many other things that they will be able to help you with. They can advertise your property and screen potential tenants so that the risk of getting a bad tenant is reduced. They can also take care of any maintenance that may be needed on the property. If you have more than one rental property to manage then a property manager can be a very good investment.
Start The Maryland Eviction Process
If all other avenues have failed then you may have no choice but to start the eviction process. This can be a long process and the eviction procedure for starting this process will vary depending on which state you live in. You need to have a valid reason why you are asking the tenant to move and you will need to show that they have broken the lease in some way. The courts do not really want to make anyone homeless but they will side with you if you can show that you have done everything that you can. This is the main reason why it is so important that everything is documented. You will need to wait until the court order is granted before you can change the locks or remove the tenants possessions.
There may be any number of reasons why you need to sell your home in Maryland quickly. You may be relocating due a new job or it may be that the home is no longer affordable. It may not be your home that you are selling, if an elderly parent is moving into a care home then the proceeds of a sale may be needed to pay for the fees.
If you need to sell your Maryland house quickly then there are a number of steps that you can take to speed up the process.
Spruce Up Your Home and List “For Sale By Owner”
If it is something that you can do quickly, it is worth trying to make your property more attractive to potential buyers. This is also likely to help you get higher offers. If there are any obvious repairs then you should think about making these. Other than that your home may just need a bit of a spring clean. It is also a good idea to rid your home of any clutter which will also help you to get a head start on your packing when the time comes. Your kitchen and bathroom should be clean and you could also consider removing the drapes from the windows to let in the natural light which will make the room look bigger. Landscaping the front of your property can also increase curb appeal and raise interest in your property. Check your roof and see if it needs to be replaced and consider alternatives if a roof replacement is required.
If you can find a buyer you’ll be able to save on Maryland real estate commissions and possibly walk away with more money. The trick is to be aggressive with your adverting and get a buyer quickly. You will not have access to listing on the Maryland MLS so you’ll need to go above and beyond to find your buyer.
Sell Your Home Through A Maryland Realtor
There are some advantages to using a realtor if you want to achieve a quick sale. However, following the usual procedure for selling through a realtor is probably not a good idea as this can be a long process. One service that a realtor can provide is to put you in touch with an investor that may be prepared to buy your property for cash. The realtor can also give you a valuation for your property which will allow you to assess whether the cash offer you get from an investor is fair.
Sell To A Maryland Home Buying Company
This is one of the best ways to sell your property quickly. Real estate investors may work alone or they may have set up their own company. They are almost always cash buyers which means that the sale of the home can go through very quickly. If you do a quick search then you will probably find that there are many companies to choose from in your locality. It is a good idea to check out reviews of these companies before you contact them to make sure that you are dealing with someone who is reputable. When selling a house in Maryland I always recommend Dependable Homebuyers. Their site is www.dependablehomebuyers.com and they always get the job done.
If you need to sell your Maryland home quickly then you may be surprised at how many benefits selling to a real estate investor has. Not only will the sale go through very quickly they will usually buy the house in any condition so there is no need for you to spend time and money on any repairs. It is a very viable option for a lot of people and one that you might want to look into.
The most common reason for a home to be sold to your spouse in Maryland is divorce. In some divorce cases one party will be ordered to buy the other out as this is seen as a good way to share out the assets. Some people are unsure whether selling a home to a spouse is something that can legally be done but the answer is that it can. There are other reasons to sell your Maryland home to your spouse but these can have legal implications. You may want to get the advice of an attorney before any sale is made, although this is something that you may already be doing if you are going through a divorce. However, there are a few other people that can offer you expert advice that you may want to talk to.
Consult Your Accountant
There may be tax implications to selling your home to your spouse so it always a good idea to have a chat with your accountant. In some cases selling your home could lead to a large tax bill and so it is better to find this information out before the sale goes through. Your Maryland accountant will also be able to tell you whether selling home is the best solution or there are other options that are open to you which make better financial sense. If one of you is planning to stay in the home after the divorce then it may make sense for the home to be sold to the person who is staying. However, if both of you are moving to new properties then it may be easier to sell the house completely and share any profit that has been made.
Consult A Realtor
A realtor will also be able to give you advice about the laws in your state which may affect a house sale to a spouse. If you have any questions that you forgot to ask your attorney, it might be easier to ask your realtor these than getting in touch with your attorney. In some states selling the house will depend on whose name is on the mortgage and the mortgage company can also have some say in this as well. From their point of view, if there are two names on the property title there are two people they can chase for any money that is owed. If the mortgage is in both names then the mortgage company is likely to insist that both names stay on the title and this is more likely to be the case if their has ever been arrears on the account.
Is There An Alternative Solution?
There may be an alternative solution to selling your home to a spouse. Transferring it into your partners name without any money changing hands is one such option. You should not be eligible to pay any state gift tax if this is the case because gifts that can be made to a spouse are unlimited. This will only work if both parties are US citizens and there may be other conditions that apply as well. A realtor may also be able to advise you about whether transferring the property or selling it will be the best option depending on your circumstances.
A realtor can be a useful first port of call for any questions that you have about selling your home to your spouse. They will have the same amount of knowledge as a real estate attorney to some degree and will able to advise you about the laws that apply in your state. They also may not charge for some advice over the phone or even face to face in the same way that an attorney would.