So you inherited a tenant and they trash the house. What do you do next?
I’m Brad from probateresource.com. My team and I have created Probate Resource as a one-stop-shop, all-inclusive resource for people who are going through the probate and inheritance process.
Our website and YouTube channel have a wealth of information that can assist you in answering all the questions you might have, not just the legal aspect but all aspects of the probate and inheritance process. Additionally, we are also a real estate solutions company, and my background is in this field. We buy properties for cash, so if you have an inherited property that you want to sell quickly and easily, we’d be happy to make you a quick cash offer. Alternatively, if you prefer to go the traditional route and list the property on the market with a real estate agent, we have an excellent network of real estate agents all across the country who are probate and inheritance specialists.
Today’s topic is about a tenant who inherited a house and ended up trashing it.
Bad Tenant
The property was purchased a few weeks ago from a couple who inherited it from their parents. At the time of the inheritance, the house had a tenant who was paying rent, so the new owner was not too concerned about it.
However, a year and a half later, the tenant stopped paying rent and also caused extensive damage to the property.
The landlord was not experienced in managing rental properties and did not check on the house as often as he should have. As a result, the condition of the house deteriorated over time. When the landlord finally decided to evict the tenant, he was faced with the daunting task of dealing with the aftermath. The house was in a terrible state and required a lot of work to be restored to its former glory. The landlord and his wife, who were both retired, had to make a decision about what to do with the property. Should they fix it up or sell it as is? They had the money to restore the house, but they were not sure if they had the energy to deal with the mess. It was a tough decision to make.
Fixing The House
He chose to sell the house to us instead of fixing it himself. He reached out to multiple investors to sell the property to them. However, he realized that dealing with the construction work would be very stressful. He would have to spend time and resources to pick the right contractors for the job. Since he didn’t know much about construction, he was unsure of how to proceed. He had questions like, “What needs to be fixed?” “Should we fix this?” “Will fixing this lead to uncovering more issues?” These are common issues in construction work. When you start fixing one thing, you often end up having to deal with a bunch of other issues that you didn’t anticipate.
In this situation, the individual decided that they did not want to deal with the hassle of fixing the property. They did not have the time, patience or energy to invest in the process. Although they had enough money to repair the house, they chose to sell it for cash instead.
This decision is understandable as for some people it’s not just about the money but also about the time, effort, and stress involved in fixing a property.
Over the years, we have acquired numerous properties from people who inherited them. Often, these houses have tenants who have damaged the property, and the owners are left unsure about what to do. In our opinion, if you want to maximize the value of your property, you should repair it and get it in top condition. Then, list it with a reputable real estate agent in your area, and you will get top dollar for it.
It’s important to consider the time, money, and effort that selling a house requires. Ultimately, it’s up to you to decide if you’re willing to commit to the process. If you are, your hard work will pay off in the end.
However, if you’d rather avoid all of that, selling the house “as is” to an investor is probably your best option.
Finding The Right Investor
But how do you know which investors to trust? You can start by doing research online. Look for reputable investors who are straightforward and transparent with their offers. Be cautious of those who make promises they can’t keep or require long due diligence periods or closing times. Remember, it’s not just about getting the highest offer – it’s about finding a reliable buyer who will follow through on their commitment.
When you receive multiple offers for a property, it’s important to compare them carefully. While one offer may seem significantly higher than the rest, it’s not always the best option. In fact, accepting an offer that’s significantly higher than others is often a waste of time and unlikely to come to fruition. If you receive a few offers that are all very similar in value, and then one offer that is significantly higher, it’s best to avoid the higher offer. It’s important to remember that if something seems too good to be true, it probably is. While there’s always a possibility that the higher offer may work out, more often than not, sellers end up coming back to us after a deal falls through. So, take your time and carefully consider each offer before making a decision.
I am currently in the process of purchasing a property that I have under contract. The situation with this property is similar to another one I encountered previously. The previous property was put under contract by another investor who was attempting to wholesale it. However, the investor ended up overpaying for the property due to being unfamiliar with the area. After 30 to 40 days of unsuccessful attempts to sell it to someone else, they terminated the contract. The seller then approached me with an offer to buy the house. After making an offer, I am now due to close on the property in two weeks. This kind of situation is common in the real estate business, so it is important to research the companies you are working with to ensure that they are reputable.
If you receive a good offer from an investor, it might be wise to accept it. They will take care of everything, from buying the property as it is to rehabilitating it. This can be a better option if you value your time, energy, and stress levels. However, if you only care about making more money, then you can fix up the property and sell it for a higher price. You can even list it on the MLS with a reputable real estate agent. I wish you all the best and hope you get the best possible price for your property.
What To Do Next
Let’s discuss how to deal with tenants and their aftermath.
If you’re considering suing a tenant or seeking damages, it is possible, but it’s important to keep in mind that I am not an attorney, and I don’t know the specifics of your situation.
Before taking any legal action, it’s highly recommended that you consult with an attorney and don’t rely on my advice as legal advice. From personal experience, I can say that I’ve had tenants who have damaged properties in various ways, such as flooding or allowing pets to cause damage. Unfortunately, most of the time, these tenants don’t have the money to compensate for the damage caused. If you sue them and obtain a judgment against them, it may not be very helpful as it’s just a piece of paper.
However, you can try to recover some of the money by garnishing their wages. Nevertheless, you may need to pay an attorney to go through the process, and it may take some time.
Going to court or hiring an attorney can be a lengthy and complicated process.
I’ve found that dealing with tenants who have caused damage to a property is not worth the time and effort.
Even if you sue them and win a judgment against them, the chances of actually collecting any money from them is slim to none. While it’s possible to get reimbursed by the tenant, more often than not, you won’t see any money even if you have a court order stating that they owe you. It’s just not worth the trouble, especially if the tenant doesn’t have the means to pay you back. This is especially true if you’ve inherited the property, and the tenant has caused significant damage. My advice would be to cut your losses and move on.
Let’s Connect
Again, my name is Brad and I represent probateresource.com. Our goal is to provide you with a comprehensive resource to help you navigate the probate process.
If you have a property that you want to sell quickly and easily, we are happy to offer you a cash payment for it. Our services are available throughout the United States. Additionally, we have a network of real estate agents who specialize in probate and inheritance matters. If you need a referral for an agent, we can provide one. To get started, simply visit our website at probateresource.com and fill out the form there. One of our team members will contact you as soon as possible. Thank you for considering our services.