The eviction moratorium has left many investors collecting little to no rent due to the guidelines set down by the CDC. But what do you do when your tenants aren’t paying up? Regrettably, as the order drags on, many investment property owners can no longer afford to take the loss. Most property owners turn to the more traditional style of listing a property when they are getting ready to sell real estate, without any thought to other options. When already facing not collecting rent, considering all the steps to prep the property to make it market-ready can feel overwhelming financially. Should you find yourself in this position, we will explore how to sell your Winston Salem investment property when your tenants aren’t paying up.

Moreover, dealing with non-paying tenants who transition into squatters can be a challenging situation for landlords in North Carolina. In the state, as in many others, squatters gain certain legal rights over time, complicating the eviction process. If a tenant stops paying rent and remains on the property without the landlord’s consent, they may be considered a squatter. North Carolina law requires landlords to follow a specific eviction process, even for squatters, to avoid legal repercussions.

Understanding squatters’ rights in North Carolina is crucial for landlords facing this predicament. The legal concept of adverse possession may come into play if a squatter occupies the property continuously for a certain period, typically many years. During this time, the squatter may gain legal ownership rights to the property, making it more challenging for the landlord to reclaim their asset.

So, selling an investment property in Winston-Salem when tenants aren’t paying rent can be challenging, but there are several steps you can take to navigate the situation and maximize your chances of a successful sale. Here’s a guide to help you through the process:

What is the process of selling your home with tenants in place?

• Review Agreement
• Evaluate Selling As-Is
• Market The Property Properly
• Offer Incentives To Buyers
• Coordinate With Tenant
• Work With Cash Buyer or Real Estate agent

Review Lease Agreement and Local Laws
Start by reviewing your lease agreement to understand the terms and conditions related to rent payments and potential consequences for non-payment. Additionally, familiarize yourself with tenant-landlord laws in Winston-Salem to ensure you adhere to the proper legal procedures.

Evaluate Selling As-Is
If the tenants’ non-payment is impacting your ability to maintain the property or proceed with a traditional sale, consider selling the property as-is. This approach allows you to transfer ownership without the need to resolve tenant issues or make costly repairs.

Market the Property Properly
When selling an investment property with tenants, it’s essential to market it strategically. But the key word is “YOU MARKET IT”. Market it as ” For Sale By Owner”. Highlight the property’s investment potential and its current occupancy status to attract local cash buyers who are interested in an income-producing property.

Offer Incentives
To attract potential cash buyers, consider offering incentives, such as seller financing or a price reduction, to offset any challenges related to the non-paying tenants.

Sell to an Investor or Cash Buyer
Consider selling your investment property directly to an investor or cash buyer who is familiar with handling properties with non-paying tenants. Investors may be more willing to take on the responsibility of managing the tenants or dealing with eviction processes. They often, even most of the time buy property as-is and pay all the closing costs.

Coordinate with Tenants During Showings
If you decide to continue showing the property while tenants are still in residence, work with them to schedule showings at convenient times to minimize disruption and improve the property’s marketability.

Work with a Real Estate Agent
Enlist the help of a reputable real estate agent experienced in handling investment properties. They can guide you through the process, assist in navigating tenant-related issues, and help find potential buyers who are comfortable with the situation.

Remember that selling an investment property with non-paying tenants requires patience, understanding, and flexibility. Each situation is unique, so it’s essential to tailor your approach based on the specific circumstances surrounding your property and tenants. Seek professional advice from legal experts and real estate professionals to ensure a smooth and successful selling process.

We Are Direct Cash Buyers

Ready for a quick, painless, and easy solution? Direct cash buyers typically close much faster than traditional transactions and purchase homes just as they are. This can mean thousands in savings to you with no updates required and no more repair bills to worry about! This also includes buying the property with full awareness of your tenants current standing under the order. Why not sell your Winston Salem investment property to a direct buyer when your tenants are not paying? Selling to a professional home buyer is extremely straight forward. They will layout every step of the process and usually have shortened, very clear contracts that are simple as-is purchase agreements. While offers are usually below market, this is for good reason! The buyer is taking on a tremendous risk by purchasing your house as-is, for your home may be more damaged than you realize! This lessens your exposure to legal risks, found in traditional real estate sales. To protect against non-paying tenants turning into squatters, landlords should take swift legal action. Serving an eviction notice promptly is crucial, and landlords should consult with legal professionals who specialize in landlord-tenant law in North Carolina. Timely and accurate documentation of the eviction process is essential to demonstrate compliance with state laws and regulations, strengthening the landlord’s position in any legal proceedings.

Leave all of your worries behind! Your best option? Sell your Winston Salem investment property to Amran Property Investments, LLC when your tenants are not paying. Sellers can expect quick, simple, stress-free transactions from Amran Property Investments, LLC. Give us a call or send us a message to discuss selling your investment property and the steps to receive your personalized, no-obligation offer. Call (336) 770-2921 today to learn more!