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Sec.8 tenant in NC. M/T/M LL Looking to sell home
by robar_investors@yahoo.com
on May 19, 2019 @10:44
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We are looking to sell our home currently a Section 8. living M/T/M how much of a notice is needed? Any special documentation needed to have Tenant to be cooperative during the selling of home. Thank you for any input will be helpful.
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Re: Sec.8 tenant in NC. M/T/M LL Looking to sell home
by Garry
on May 19, 2019 @11:58
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First of all, if this is a single family home that you are going to sell, you are going to want to have it vacant before you try to sell it. Then you will need to go in and clean and repair and maybe update the home before anyone sees it. Unless this SFH is in an area that is over 50% rentals, your most likely buyers will be someone who wants to live in it themselves, not another investor such as yourself.
The new buyer most likely will not know anything about LL/T laws, or Sec.8. If you find a buyer, and they want to live in it themselves, they will want YOU to vacate the place before they close on the deal. What happens if you cannot get that current T out (for whatever reason) when both sides want to close? What happens if they leave damages when they do move out? The new buyer will not want to close, until the damages are repaired-BY YOU. Your sale will very likely go up in smoke if you can't turn over a vacant, clean, damage-free home on time.
Remember, you are now forcing the tenant to move when they don't want to. They are on Sec. 8. That means they will have a much harder time finding another place that takes Sec 8, if they can find one at all, in 30 days. And unless you have had a "perfect" relationship with this tenant, there is probably no way they will be "cooperative" with you in selling the home, unless you give them at least a 50% reduction in rent each month from when you list the property, until the T has moved out. (and the only "guarantee" you have is collecting less rent each month).
By the way, your 30 day notice to vacate, needs to be sent by both regular and certified mail, to both the T and Sec.8. You need to read up on your state's LL/T laws, and the eviction laws, so that you not only serve them properly within the correct time frames, but also know how to evict them if they "holdover" past when they supposed to be out.
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