Strategies for Landlords To Deal With Frustrating Tenants

Are you a landlord?  Do you have impossible tenants?  If you haven't had difficult tenants yet, it can be still be constructive to prepare

for the occasion when you do have difficult tenants.

You’re not alone any time working with disheartening tenants as a landlord within Pennsylvania. Quite a few landlords discover the hard way that they have irritating tenants in one of their rental homes. In this write-up, we’re sharing techniques to deal with an irritating tenant in Pennsylvania.

As a landlord with rental home in Pennsylvania, regardless of how well you screen your applicants, sooner or later you’re going to have to wrestle with a problem tenant in one of your properties. Maybe the tenant ruins the plumbing, perhaps they never pay rent on time,
perhaps a hoard of people are living there, or maybe they just call you for each minor detail. No matter what the predicament, tenants like that will at some point lease your dwelling. 
Below are 4 techniques to respond with a disheartening tenant in Pennsylvania once it happens it to you.

Consider convincing or negotiating with your tenants

You can attempt to reason with your tenants and clarify that you provide a service so they will need to pay and take care of it appropriately. Perhaps your tenants don’t fully grasp they are inconveniencing you or maybe they’re not paying mainly because they need to have a alternative payment schedule (such as weekly as an alternative to monthly).

Evict your tenants

Evicting tenants can be tough and even legally complicated nevertheless it’s an option for you. Laws typically favor tenants ahead of landlords therefore you may possibly have an uphill fight yet in the long run it might be worth the effort to take them out of your dwelling and instead get another person into your property who is a far better tenant.

Explore other legal options

In some predicaments, you might be in a position to explore other legal solutions, including suing your tenants to getting their wages garnished. It all depends on the scenario and the laws governing that situation in Pennsylvania. Of course, you may need to work with a high priced lawyer to do this yet sometimes it’s well worth the price merely to force bad tenants out of your rental property.

Sell your property

If your tenants are a real hassle and causing you a ton of frustration and cost, then you can always sell your property. In fact, many rental property owners that sell do so simply because of the frustrations they experience working with tenants. Depending upon who you sell to, you may not even have to evict your tenant first (for example, in many cases, investors simply buy and evict the problem tenant for you). For rental property owners with family living in the rental, this is an preferred solution.

Does Hesitating To Sell Your House Cost You?

Hesitating to sell your house in Greater Philadelphia Area could cost you a lot of money! Learn how much in our latest post!

Many people don't realize just how much their home is costing them. These costs are even more brutal if you don't like the home you're living or the investment property you own. Spending thousands on a house each month that isn't right for you simply doesn't make sense. Keep reading to explore just a few of the costs you are stuck with by hesitating to sell your house in Philadelphia!

Your Mortgage

The average US mortgage payment costs homeowners $1,050 dollars per month, with the majority of that payment going towards interest on the note. This can amount to thousands of dollars over the course of several months. Thats a lot of pocket change just to continue staying in a home that you may not truly love. Why continue throwing your hard earned money at an unwanted property when you could be using it for something you truly enjoy?

Homeowners Insurance

Depending on your property and where you live, your insurance rate can range from several hundred to several thousand dollars per year. When you add this to all the other costs you face as a homeowner, you may be surprised at how high your monthly bills really are.

Mortgage Insurance

If you have less than 20% equity in your house, or you purchased your house with less than 20% deposit, you might be paying mortgage insurance.  This type of insurance provides zero benefit to the homeowner – it only protects the bank in case the homeowner defaults on repayment.

Property Taxes

As a homeowner, you are responsible for the property taxes for the home up until the day of closing. Keep in mind, property taxes vary widely not only by state, but even by county and school district. Moving a few blocks could save you thousands of dollars a year in property taxes. With a direct sale to a professional house buying company, your tax obligation could end in a few days as opposed to months down the road.

Maintenance and Repairs

You may not realize what all those trips to Home Depot and Lowes are costing you each month. Routine repairs, cleaning costs, and landscaping expense can all add up fast. The cost of repairs and regular maintenance is surprising to many homeowners, especially when they total everything up, seeing their costs in black and white. You might be very surprised to see how much you are really spending to own your house in Philadelphia.

Utility Bills & Other Fees

Whether you are living in the house or your house is vacant, you will still be facing utility costs each month.  Electricity, water, gas will all need to stay on until the property is sold.  Turning the utilities off can lead to major problems like burst pipes, mold growth, and vandalism.  If you have a vacant house, this could mean you are doubling your utility bills. In addition to utilities, many homeowners have to pay Home Owner Association or Condominium Association fees for common property management and maintenance costs.

Opportunity Loss

What are you missing out on by continuing to hold on to your unwanted property? You could miss out on your dream home or a more lucrative investment. If you decide to list your house in Philadelphia, the process can take months. Working with a real estate agent doesn’t provide any guarantee’s on when your house will sell and how much you ultimately net from the proceeds. Even if your neighbor's house sold quickly, yours could be on the market for months.  The cost of picking the wrong agent (i.e. the one who over prices the house, or recommends the wrong repairs, or doesn’t have the courage to be honest with the seller) can include wasted dollars and wasted time.

Emotional Cost

Threre’s also the emotional cost from frustration, uncertainty, and stress.  What's the point in staying in a frustrating house? Sometimes we find ourselves in difficult situations just because it’s the situation we are familiar with. Maybe the roof always leaks or the house doesn't stay warm in the winter. The truth is, you don't have to deal with it anymore. Consider a direct sale to a professional house buying company like SellPAHomeFast. You will be able to end all of your worries and frustrations regarding the property, and sell your house for a great price.  Even is the house needs repair – the condition will not delay the sale. You can immediately end the stress, frustration, and anger so you can move on fast, and stop the damage to your emotions.

Learn more about the risks of hesitating to sell your house in the Greater Philadelphia Area.

Real Estate Disclosures In Pennsylvania

Real estate disclosures come with many questions for both a buyer and seller. Our rule of thumb? Be as open and honest as possible. In our latest post, we will cover what you need to disclose by law. 

Being an open and honest seller will not only help you avoid a lawsuit, but it will also make you a trustworthy, stand-up, all-around person. Hiding defects, looming repairs, and any other issues with the home will only come back to bite you in the end. Whether through a lawsuit or good ol’ karma… if you believe in that sort of thing.

Most real estate lawsuits occur because of non-disclosure. So exactly how much are you required to disclose legally? Basically, anything that can affect the value of the property. Here are just a few of the things you should address:

• Issues with the land, such as drainage, bad soil, and potential for flooding. 
• Bad soil can limit building and low-lying areas can be prone to flooding and water damage. Foundation level and known cracks must be disclosed. 
• If the house settles more than it already has, it could experience structural damage.
• Plumbing problems, sewer issues, and leaky pipes all need to be brought to the forefront. Some of the most expensive home repairs stem from water damage.
• Any problems or irregularities with the heating and cooling systems should be addressed.
• If you have a problem with cockroaches, rats, ants, termites or moles, you will need to inform your potential buyer.
• Have a leaky roof or missing shingles? Tell your buyer before they find out during a rainstorm.
• Lead paint is a no-brainer. This disclosure is one of the most common you will see with home sales and rentals.
• Are there issues that will affect the title? Or rightful ownership? This needs to be spelled out up front, not during the closing process.
• Insurance claims?  You should also have documentation for repairs and insurance claims you’ve made in the past. You should be able to describe what was done and the materials used.
• Mold: If You had a significant mold problem, you'll need to disclose and provide documentation that it was re-mediated by a professional.

Additionally, Pennsylvania has a mandatory Seller Disclosure Form will require more in-depth disclosure of hazard zones which include flooding, earthquakes and other environmental factors affecting the land. Think about what you would want to know if you were buying a home for yourself!

Disclosures help a buyer learn as much as possible about a house before making their purchase.

You are selling a great home right? When you keep something to yourself, a minor, needed repair can snowball in much bigger problems. Many properties have something pop up during the inspection that the seller wasn’t prepared for. Imagine, your asking price slashed because of a defect you were unaware of. Your house is a multi-faceted machine. Many sellers choose to have their home inspected prior to a sale. This allows them to make the necessary repairs ahead of time, lessening potential buyer’s bargaining ability. An inspection will also show good-faith in selling. You are telling the world you want your home to be in the greatest possible condition before it is sold.

Your agent, attorney or broker will be able to supply you a checklist that covers the requirements for your Pennsylvania. Review the list in its entirety and add as many detailed notes as possible. Don’t forget to include the dates of upgrades and repairs. Fill out the form as honestly and as completely as possible. If you have questions, it is best to talk to a lawyer instead of your agent. Your agent might avoid such questions as they are out of their scope, and they want to lessen their liability.

Remember, YOU CAN GET SUED for being dishonest.

And if you are found liable, you will need to pay for repairs, legal expenses, punitive damages and in some cases, the sale can be rescinded. Make sure you are working with a trusted professional to help guide you through real estate disclosures.

If you need to sell your house without making repairs, consider selling to a professional house buyer.

What is Market Value vs Assessed Value in Philadelphia

When it’s time to sell your Philadelphia home, there can be some confusion when determining the value. If you REALLY want to know what it is worth, you can pay to have an appraisal done. An agent should be able to provide you with detailed CMA reports, letting you know what is going on in your neighborhood. Knowing the differences in these home values can set you set your ideal asking price! 

What is Market Value vs Assessed Value in Philadelphia

Market Value by Definition: 
According to Fannie Mae, “Market value is the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.”

Basically, this is the amount you can expect to get if you keep your house on the market for a few months provided everything goes smoothly and you have potential buyers coming to see your home on a regular basis.

Assessed Value by Definition: 
According to Investopedia, “An assessed value is the dollar value assigned to a property to measure applicable taxes. Assessed valuation determines the value of a residence for tax purposes and takes comparable home sales and inspections into consideration.”

Understanding assessed value can be a bit confusing. County property assessors give values to homes for tax purposes, however, these values are often not reflective of changes in market value. The difference between the assessed value and the market value is known as the equalization rate. This rate is used by the county to figure your actual property value.

Appraised Value:
But wait, there’s more. Your appraised value can differ from both of these. An appraisal is done by a licensed professional who rigorously checks all aspects of the home. While they might be 100% correct, this is still the opinion of one. Whereas other methods are mathematically calculated based off of your home’s history and market conditions.

What The Internet Has To Say About It:
The large real estate sites have their own formulas for determining property values. These values are broad, and based on market conditions and information entered by users on the site directly. They do not always accurately reflect YOUR home personally. Think of it as Kelly Blue Book for cars. It is a close guess but determining what the ACTUAL market value can be much different. People report seeing these numbers off by $20k, $50k and even more!

What it Means For You As A Seller:
Do your homework! Make sure you have all the numbers listed above and understand terms such as the equalization ratio and fair market value. Make sure you are working with a true professional who can help you to accurately determine the market value of your home.

Setting a great asking price is critical. You do not want to set it too high and have to repeatedly lower it to get buyers in the door. Your pricing history is public information, and repeatedly lowering your price can make buyers think there is something wrong with it. And for obvious reasons, you don’t want to set your asking price too low. To get the price you want you must exercise patience and make sure you are working with a true professional in Philadelphia.

If you want to learn more about the best ways to sell your Philadelphia home, send us a message here.