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Sublet Housing

A Guide To Sublet Housing

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There are many reasons or circumstances why people choose to sublet their house, building, or room. If you’ve signed a one-year tenant agreement but you get a good opportunity just after six months in another state for a job, what’d you do? Moving out will be the only option. Renting your apartment to a subtenant will save you a lot of money. You can also opt for breaking the contract but you might have to pay a price for it. If you are unaware of the term “subletting” and want to learn more about it we’ve got your back. Here’s ‘A Guide To Sublet Housing’ you must know before you sublet your house.

What Is Subletting?

To put it in simple words subletting or sublease is where a tenant rents out their apartment/room/building to another person while it’s still on the lease. In terms of subletting the primary tenant is known as the sublessor and the new tenant is known as the sublessee. Sublet housing only works when everything is in coalition with the state and municipal laws. Before proceeding with subletting make sure to follow every protocol.

Steps On How To Sublet?

  • Make Sure You Are Authorized to Sublet Your House

As said above, subletting an apartment works when you have authorization from places like the state and municipal laws. You might also need permission from the landlord before commencing to sublet. It can be extremely difficult and confusing as laws vary from state to state. If you are planning to sublet your house/apartment make sure to go through your lease and rental agreement. There might be a clause stating if you may or may not do subletting. Often landlords avoid keeping subtenants. Although, if it is not mentioned in the clause beforehand make sure you ask them about it. If your landlord refuses to sublet even after having permission from legal authorities, you can file a case against him/her in court. Besides, if you have the consent from all departments then make sure you get it written. 

Renters’ insurance covers all the unexpected expenses that come with uncertainty. In incidents/events like theft, break-in, or natural catastrophes a renter may not be able to pay expenses from their pocket. Before moving forward with subletting verify your renter’s insurance provider to see if the coverage extends to subtenants. If the insurance doesn’t extend you’ll have to remove your belongings to avoid paying for the damage caused by the subtenant.

  • Create Ads And Posts To Market Your Sublet

Ads are the most eye-catching way to get more people to see/use your service. Use advertisements to your advantage and design ads that elaborate more about your apartment. Tell about every detail like the neighborhood, hangout places, roommates (if you have any), etc. This will attract potential subtenants. It is also essential to keep the ad to the point, a vague ad with an unclear description may appear as spam to prospects. 

  • Screen Potential Subtenants

When you get enough offers in hand for your house/apartment you can schedule walkthroughs or open showings. Post that, you can create a document for the potential subtenants to run and verify background checks. You can also screen them through calls or by meeting them in person and ensure they don’t have any criminal history or evictions in the past.

Once you have the assurance and are satisfied with the subtenant, you can make them sign the sublet agreement. You can find suitable sublet templates online and customize them as per your preference. You may also ask for a little help/suggestion from your landlord to alter the agreement.

Final Thoughts

If you are looking to sublet housing then these steps would help you make the process a lot easier. Besides, if you want to sell your house you can get in touch with Elite Properties and we’ll help you sell your house fast for cash. Call us today at 718-977-5462 to learn more about our hassle-free home selling process.

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6-Important-Points-To-Consider-While-Screening-Potential-Tenants

6 Important Points To Consider While Screening Potential Tenants

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While being an owner, it is evident for you to pick a person, which satiates all your requirements as a tenant. If you are looking for a tenant, this blog will provide the process of screening them. It is essential to cover 6 important points to consider while screening potential tenants and avoid problems later. There are many aspects involved while you screen a tenant like a background check, financial check, etc. Keeping a prior check on candidates will elude hassles and help you build a better-longer relationship with your tenant. 

What Is Tenant Screening?

In simple terms, tenant screening is a process to evaluate potential tenants. The purpose of the process is to assess potential tenants and if they can fulfill the rental agreement terms.

Mandatory Points to Consider While Screening Your Tenant –

There are a bunch of mandatory points you should consider checking with your tenant before letting them in.

Confirming Income Source

Verifying the income will help you reassure that the tenant can afford the rent. It will also help you know if the tenant has a stable job. There is a mandatory income guideline that you can follow to check eligibility of the tenant. You can employ the three-time rule where if a tenant’s income is three times the rent. If the tenant satisfies the requisites then he/she stands to eligible in specific criteria.

Checking Previous Addresses and Employment References

If the potential candidate was a renter, then you must verify their previous addresses and also talk to the landlords. You would want to know their behavior, if they paid rent timely, etc. Having a conversation with the former landlord/s will help you understand better.

As verifying the income is important, confirming its source is essential too. Checking the potential candidate’s designation, salary, his/her tenure in the company will help you understand the stability of the job.

Detailed Credit History

A detailed credit history of the prospect allows you to assess the applicant’s debts (if any). If you want a background check for a prospect, you must abide by the Fair Credit Reporting Act (FCRA). Landlords must have accreditation from Credit Reporting Agencies (CRAs). This doesn’t only apply to landlords or even companies have to comply with CRA to ensure that the inquirer is genuine.  The intent behind the process is to be assured that the inquirer is genuine and the extracted credit data/reports are in safe hands.

Past Evictions

In addition to the rest, you can also check with the renter’s former landlords and local housing court records to see if the renter has any past evictions. If there were any evictions additionally, check for the reasons of damage if they were caused formerly by the renter.

A Criminal History Check

While screening prospects checking both monetary and criminal backgrounds is essential. We know what aspects require a financial check, but what about criminal background checks? You can check with the state and federal criminal records to ensure if the potential candidate has a criminal history. Always check for sex offender registries and terrorist watchlist as they are a part criminal offense. Check for correct spellings of the renter while enquiring as you wouldn’t want to be the cause of any upcoming problems.

Interview Tenant

Once you have all the documents in place, you can proceed with the next process, which is interviewing the tenant. While interviewing, asking questions like the reason for moving, how many people will be living with you? Do you have any pets? etc. If you find anything dodgy while interviewing, you can interrogate further and be assured there are no stones left unturned.

Questions You Must Avoid Asking –

It is also important to maintain decency while you interrogate the tenant, make sure you in no way hurt their sentiment by asking personal questions. The Federal Fair Housing Laws stand to protect the tenant’s rights. Interrogating prospects based on their gender, race, national origin, sexual orientation, etc. is inappropriate.

Bottom Line

Tenant screening is a tiring process, but it also promises good tenants. It is essential to do a proper background and financial screening, to avoid problems later. Additionally, if you want to Sell Your House Fast For Cash In NY, you can call us on this number 718-977-5462 for more details. Elite Properties is a ‘we buy houses for cash company’, which means we buy house as-is and pay the yields in hard cash.

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Options To Look Out When Tenants Destroy The Property

Options To Look Out When Tenants Destroy The Property

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Your house is an asset that is near to your heart, we comprehend the amount of damage that tenants may cause just by taking the property for granted. No matter how thoroughly you screen your tenants there are always some of them who would damage your property. Keeping up with the tenants can be a devastating phase, which can make you suffer mentally as well as monetarily. Although, as difficult as it is there are many ways where you can save your house from being damaged and also make the whole process less painful. Get to know more about what to do if Tenants Destroy The Property?

What will you do if Tenants Destroy The Property?

Tenants can be really fussy and can create a lot of damage. Damages like harming the property, breaking the furniture, punching holes in the walls, cracking tiles, damaging wood floors, etc. are some tenant damages done by them. These situations might take a toll on your head and leave you in a rough state. As difficult as the instances are there’s always a solution for it, scroll down below for options to look out for when tenants destroy the property.

What to Do In Such Circumstances?

The initial step is to educate yourself and understand the law and causes of the destruction. Damage can be caused due to innumerable reasons like natural calamities, intentional negligence, etc. In some states, if the damage isn’t caused due to any natural hazard then the tenant is liable to pay for the financial recompenses to the homeowner. Although, the only difficult part of the whole chaos is to tackle the situation peacefully.

There are various ways to tackle different situations.

Following are some references.

1. If Your Tenant Is Still Residing In Your Property

  • Documentation- It is extremely important that you document everything for further reference. Any action you take in the coming future has a written justification or evidence. Another point to remember while you document things is to take high-resolution pictures of your property. Do it before your tenant moves in. Additionally, maintain a document in which the tenant agrees to his or her responsibilities inclusive of the quotes that contractors provide for repairs that will justify the costs.

  • Talk With Tenants For Negotiation – In the occurrence of accidents, if there is any damage to your property then the best way out is to talk with your tenant. You shouldn’t escalate the situation if your tenant has a good reputation. Instead, talk to them and negotiate conditions to resolve the problem. If the tenant proposes to do the job by themselves and handle the whole situation then it is a good step towards a peaceful end. If at all the tenant is unable to pay for the damage then try to come up with a plan that suits all like partial or monthly payments, this will keep the transaction flowing smoothly. In the end, all you have to do is to keep calm and never forget to document every little detail that the tenant has agreed upon.

  • Part or Full Deduction From Security Deposit – A security deposit is the best thing to touch down. This can happen in the case when you and your tenant can’t boil down to mutual conclusions. A security deposit is a chunk of the amount given to the landlord before the tenant moves in. The security deposit can be refundable or non-refundable. This is completely dependent upon the agreed terms between the landlord and tenant respectively. The landlord has legal rights to deduct a part or complete a security deposit. This happens if your tenant has caused any damage and is not ready to recompense. If the money is not covering the full price of your damage then you can move on to other options like filing a lawsuit.   

  • Consider Filing a Lawsuit – If the tenant is stagnant and won’t agree to pay for the repairs then you might want to consider filing a lawsuit against them. Although, if the price of the damage is not much or is bearable then the best option is to elude any legal collaboration. You wouldn’t want to spend extra money or time on certain things, it is better to keep the security deposit and let go.

2. If Your Tenant Is Being Violent And Dragging Issues Unnecessarily

  • Filing For an Eviction- If nothing works, then, in the end, all you can do is evict the tenant. If he/she is behaving aggressively with you or is damaging your property on purpose. Eviction is a slow process and it gets complicated. Hence, it is to tell to do your research well before taking any step.

  • Bringing It Under The Police’s Notice – If your tenants still won’t pay heed to your actions, your next step towards this should be to involve the police. And tell them about the whole scenario. As told earlier, documenting the entirety is really important. Involving the police can be tricky, and things may take a bad turn. It is crucial to keep all the evidence in place. Furthermore, it becomes easy for the police to intervene and take possible actions depending on the situation.  

  • Considering ‘Cash for Keys’ As Your Option – If you want to elude all the hassles of a problematic tenant then cash for keys is the best option to go with. All you want to do is offer a few dollars to the tenant. You can avoid legal procedures for problematic tenants, as it is not the ideal scenario for you. You’ll have to prevent upcoming damage.

3. If Your Tenant Has Left Or Is Non-Responsive

  • Take The Legal Way To Confront The Situation – In most cases, the tenant damages your property and leaves no traces of their existence. So, what to do when you find yourself stuck in a rut? If your tenant has disappeared post damage or doesn’t take initiative to resolve the issue, you might have to invite legal jurisdiction into the issue. You can hire an investigator or an attorney to find your tenant and carry out the legal procedures further. If a tenant doesn’t show up or needs to track down, it is an extreme and sporadic case.

  • Consider Filing an Insurance Claim – The easiest way to cover your tenant’s damages is to opt for claiming insurance. If your tenant has caused any damage intentionally or unintentionally then the smartest way out is to claim insurance. It’ll cover the damages. If you don’t want to do so you can choose not to claim the insurance. And then pay for the improvements from your pocket, which won’t be the smartest decision.

You can also read about the laws of Tenant destruction.

We Buy House for Cash; in Any Condition, Any Location

After perceiving all the scenarios stated above, you might choose the best suitable option. It should be for yourself respective of your tenants and the damages they’ve caused or caused. Lastly, we can tell as some damages can be covered while some may leave you stranded, in such instances, it is best to sell your house for cash.

Selling your house to a cash-buying company will aid in a profitable sale. Your house will be sold on the basis of FMV (Fair Market Value). We at Elite Properties will help you in selling a house in as-is condition and give you the best offer on your damaged property. Not leaving behind, they will also provide the best possible solutions for your tenant-related issues. You can reach out to us at Elite Properties or call on  718-977-5462.

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How To Sell A House With Bad Tenants

Learn How To Sell A House With Bad Tenants

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Maximum homeowners with big houses wish to keep tenants for a passive income. Although, the dream of having cooperative tenants who timely pay rent hardly exists, in most cases it is non-existent.

In such situations, you tend to feel helpless and are likely to seek help with the home selling process. If you are one of those who are stuck in a rut, then you can learn how to sell a house with bad tenants.

Difficulties That Occur While Dealing With Tenants

Troublesome is the word; tenants are known to be the problem creators of the tiniest issues. There are multiple reasons that landlords are forced to evict tenants or drag them to court. Reasons like property damages, inopportune rent/bill payers, pet owners, whiners, etc. These are some of the difficulties that occur while dealing with bad tenants. Here, you have to make sure that you screen your tenants thoroughly before letting them in.

1) Issues That Landlords Face While Deciding To Sell House Fast

Every issue has a specific outcome. Selling a house that has a bad reputation is impossible, nobody invests in a property that is low in standards. While you are planning to sell your house fast, there are obstacles that influence the home sale. Issues like high turnover rates, late rent payments, legal troubles, constant evictions, and disruptive tenants make it much more challenging. Other secondary things like pest problems, broken appliances, and roofing issues are some of the improvement issues that a landlord faces.   

2) Is It Possible To Sell My House With Sitting Tenants?

Nothing stops you, you can still sell your house fast and list your property on the market. The only struggle will be to spot potential buyers. You’ll have to try hard to collect interested buyers and tell them about the complete tenant situation. If you are still struggling to get access to the property then you are left with two options which are –

  • Look for a clause in the agreement that allows access under specific circumstances, where one can legally access property by giving 24 hours of notice.
  •  Option two, offer a one-off reduction to the tenants

2.1) Consider Eviction

If your tenant is violating clauses from the agreement you can take legal action. It is highly advised not to lose your calm as it will make things worse. If situations still slip out of your hand then eviction is the only option left. You’ll have to approach a legal upper hand and go through the legal processes. You can contact we buy houses New York companies and get things done. The company will buy your house for cash and also take care of the tenants as well.

Companies like ‘Elite Properties’ will provide you with a fair, all-cash offer. You can sell your house within 3 days in any condition and still get a profitable deal.

2.2) Know Your Landlord’s Rights

The most important thing you would want to note down is the decision of selling the property is not affected by any means. If you have a tenant that has an Assured Shorthold Tenancy Agreement then it gives them the right to stay until the contract expires.

If you have signed an open-ended agreement that has no expiry date then start looking for a break clause that permits you to lay off the tenancy agreement. Lastly, if you are uncertain about the situation then consult a solicitor.

3) Sell My House Fast

Many people get stuck while selling their house, why? People have a misconception that if they sell their house fast, will they receive the cash? The answer is yes. Selling your house to companies that buy houses for cash will provide you with fair deals additionally, they buy your house as is. If your situation is desperate and the tenants are not willing to move out, this is an ideal option for you.

You can also sell your house as is with or without tenants, get in touch with we buy rental properties company like Elite Properties. They buy houses for cash and take care of the rest of the procedures like sending notices to tenants, preparing documents, etc. Selling your home to a ‘we buy houses for cash’ company will make the home selling process quick and keep you away from all the legal hassles as well.

Before You Dive In To Sell Your House with Bad Tenants

We hope you consider the given conduct and try to take each step with utter precaution. In the blog above we have mentioned how to deal with bad tenants and make faster sales. Furthermore, you can contact ‘Elite Properties’ in New York and get all your real estate issues sorted before you end up in a mess. 

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Ways to Sell a Tenant Occupied House

Ways to Sell a Tenant Occupied House

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Selling a property with sitting tenants could be a real deal for sellers. By this, you can list your house on the market when the sale price is at its peak. You can continue to receive your rental income. As good as it sounds, there are multiple difficulties associated with selling a house with sitting tenants. If you are planning to sell your house you’ve stopped by the right place.

Given below are things to consider while selling a tenant-occupied house

  • Get Thorough With the Tenancy Rules

Tenancy laws and regulations differ from place to place. It is best advised to consult with a real estate attorney for clarity of the home selling process especially when it is tenant occupied. If you are planning to sell your tenanted property, do not forget some buyers may be former landlords which means they know the game better than you. Here it is essential to favor your tenant and save the deal from falling apart.

In some places, the law favors tenants approximately by 80% which means the owner will be held liable for all the mishaps. Meaning if the tenant infringes any clause or remains in the property post the expiry of the agreement, you’ll be entitled to the obligations legally. In this case, you will have to go to court and get them removed with all the legalizations.

  • Incentivize your Tenants

It is not about bribing but sweetening the deal, make an offer that your tenant couldn’t deny. First off, you can cast an eye over other similar properties in your neighborhood to compare the rent. If you find that the digits you’ve been charging are comparatively less, you can offer two times more money. It’ll include the number of months that are left on the tenant’s lease agreement. To end everything on a happy note and without any interruptions from your tenant you could also pay them the moving cost or you could promise them the next security deposit in the new place.

  • Tenant Occupied Walk-through

Buyers often ask for a walk-through before buying the house. Therefore, it is essential to serve a notice to your tenants prior to providing viewings. If not done, there are high chances that your tenants might not co-operate. As a seller, you can only conduct walk-throughs if you have it well stated on the tenancy agreement. Legally you will have to notify your tenant in writing, for carrying out a walk-through 24 hours in advance. If you fail to do so, you won’t be able to progress with the procedure and eventually lose a potential buyer.

If you miss the specific clause and you have a potential buyer in your favor, the best option is to compromise with the tenant by decreasing the rent to some extent or any settlement that is agreed on the mutual terms. It is highly advisable to maintain healthy relationships with your tenants. If they are not on good terms with you, you might be facing havoc in your sales.

Now, when you know what things should be considered before selling tenanted properties, we would like to shed light and provide ways to sell a tenant-occupied house.

Option 1

Communicating With The Tenants

If you are a property owner, selling tenanted properties could be a boon for you as it does not come with a prohibition. The question that arises is, how to sell a house with tenants? The best way out is to communicate with your tenants. Tell them about the whole scenario of selling your property.

In such cases, the tenants is entitle to stay in the property until the lease reaches its closing stage. As the situation seems uncertain to many tenants. After reading the clauses they can trespass upon the contract with a mutual decision with the landlord and find another accommodation. If the tenant decides to breach the contract with a mutual decision then he or she is not liable to pay the hefty penalties.

If your tenant agrees for you to proceed with the selling process, let them know about the new landlord so they are comfortable with him or her. A new landlord means unpredictable conditions; it is highly advisable to let your tenants know about it while you go on with the home selling process.

Option 2

Propose Your Tenant A Chance To Buy The House

If your tenant has been living with you for a long time, for obvious reasons he or she might be loving the place. This could be a big opportunity for you to sell your house to your tenant. If your tenant agrees to the offer, hiring a real estate attorney would be beneficial during the process. Once the proposal is accepted, there are a few transactions that can likely happen.

A lease-to-own or a lease-purchase agreement is the core of any rent-to-own property. Here, the seller provides the buyer with multiple options like-

  • One-time, non-refundable fee. this allows the tenant to purchase the home within the year at a fixed price. While they keep paying the rent.
  • The lease-purchase-agreement is created. So that a portion of the monthly rent is carried down in the down payment of the house.
  • Lastly, is the seller-finance agreement; here it is required as a property owner your mortgage payments are completely naught. In this case, if your tenant cannot afford a mortgage, the property owner will act as a lender. And the tenant would agree to pay the price of the house in a few years, this is called seller-financing. As an advantage from the seller’s perspective, you are receiving interest on the debt plus an extra time to say goodbye to your property.

Option 3

We Buy Houses For Cash Companies

The easiest way out of the havoc is to opt for this option. “We buy houses for cash” companies buy your house as-is and precede with the procedures of further renting or selling the property. Cash home buying companies will buy the property from you with or without sitting tenants. Unless your lease is yet to expire we’ll buy the house with sitting tenants and post expiry sell it to potential prospects. If your home is vacant, then it is a golden nest egg. By choosing this option you are saving time, money, and labor in searching for buyers.

Option 4

Expiry Of The Tenant Contract

Want to sell a tenanted property, but don’t want to risk losing potential prospects? The best way out is to wait until the end of the lease. A prolonged lease affects the sales of the tenant-occupied house. The reason is your property sits vacant on the market and buyers back out as your house becomes timeworn. On the other hand, if your agreement has the early termination clause, the tenant is entitle to stay in the house until the lease expires.

The safest way out of the chaos is to wait until the lease expires. You can also list your property three months before the lease expires. By doing this, you will be receiving rent until the specified date of the contract. You’ll also be building equity for further home-improvement projects which will provide you with potential buyers.

Unseen Problems, Potential Solutions

If you are thinking to sell your house, keep in mind there is a big market outside. This means there will be buyers who don’t want to be a landlord who wishes to buy it. In such circumstances, you cannot call off the deal before its expiry. And the new buyer has no right to evict the tenants by any means. Meaning, that if the buyer wishes to buy the house, he or she will have to close the deal inclusive of resting tenants.

  • The possible solution to this problem could be – if your tenant breaches any clause of the contract you can favor them by not taking any action and requesting them to be on your side while the process of home-selling.
  • Secondly, you have to conduct a whole lengthy home improvement process when your tenants leave which is a headache to many homeowners.
  • People rent because they cannot afford to buy a house or there could be a high possibility that your tenant might be saving or building equity to buy a house in coming times.

As said earlier you can offer to sell your home to the tenants by making a joint agreement. By doing this, you obtain a guaranteed deal with less chaos.

Conclusion

Selling a tenant-occupied home is always more complicated than selling a vacant home, we hope we have shown you the bigger picture of the story and provided the best possible ways of selling a house with tenants. If you are residing in New York and have any queries related to real estate you can get in touch with ‘Elite Properties’ we’ll be happy to help you in your stressed time and provide reliable solutions for your problems.

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