Selling Your Section 8 Housing Part 1
If you own property that qualifies for Section 8’s “tenant-based” rental assistance, your tenant is likely a low-income earner. This federal initiative utilizes the Housing Choice Voucher program to help tenants pay for rent and utilities. Today, there are roughly 5 million low-income recipients in the United States. Property owners who rent to Section 8 tenants often have stories that run the gamut of experiences from extremely problematic and divisive to idyllic and rational.
If you currently own a home that is inhabited by Section 8 tenants and you aren’t pleased with the way they are treating your property, fulfilling their financial obligations, or interacting with neighbors, you might be wondering how you can sell your house fast in Raleigh, NC. Fortunately, our “sell my house fast for cash” services ensure any home, regardless of age, quality, or condition will be sold. In this two-part series, we will discuss how you can prepare your Section 8 housing for a fast sale.
Dealing with the Rent and Lease
If your home is currently being rented by Section 8 tenants, the buyer will be responsible for taking over the lease. The leasing terms for Section 8 housing typically run for a year. Either you or the prevailing owner must honor this lease. However, if the tenant is paying month-to-month, the new owner is only responsible for giving the tenant a 60-day notice to vacate. This can create friction when putting your property on the traditional market. However, you can get an instant cash offer for your home today by contacting the home investors at Real Estate Solutions Providers.
The main issue when trying to sell your Section 8 property, is that the Housing Assistance Payments (HAP) contract formed between you and the Public Housing Agency (PHA) must be transferred to the new owner or they will be required to pay rent costs. This is another challenge facing many property owners who are hoping to sell their Section 8 housing.
Inform the Housing Authority
If you decide to sell your Section 8 housing, you want to be certain that you follow the correct procedures or you could find yourself facing costly penalties. Always keep PHA informed about how you plan to proceed with your sale. It’s important that you allow your tenant to inhabit your property until you have spoken with a representative of the PHA. You could potentially face severe consequences for moving your tenant within the initial terms of the lease.
Parting ways with your Section 8 housing can help alleviate the stress of owning property you no longer want to be responsible for. If you are thinking, “how can I sell my house fast for cash?” you should contact a home investor from Real Estate Solutions Providers. Keep reading part two to learn more.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.
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