Landlords weigh tough decisions post eviction moratorium
BIRMINGHAM, Ala. (WBRC) - The eviction moratorium ended at the end of July meaning landlords have to make tough decisions.
Being a landlord is a business, but many of them will tell you, there’s also a human element.
Realtor and landlord, Blake Shultz, with ARC Realty was not expecting any immediate changes after the national eviction moratorium ended.
“At minimum 30 days. It’s usually closer to 90, 120 days before those foreclosures kick in,” Blake Shultz said.
Shultz said the impact of the expired moratorium would be different for everyone.
“As a landlord and investor, it’s gotten a little harder. On the flip side, in our real estate business, it’s exploded,” Shultz explained.
The moratorium put landlords at risk, Shultz said, because often the rent tenants pay covers the mortgage on the property.
However, Shultz believed owners would be able to navigate the issue with little negative impact.
“There’s enough buyer demand to where landlords and owners will be able to sell property for that debt amount to a lien holder or mortgage holder before the foreclosure would have to happen,” he said.
With more properties on the market Shultz said buyers would have even more options which would help sustain the booming real estate market in Metro Birmingham.
For landlords not wanting to sell like Shultz who faced a “handful” of possible evictions of his own, he said he’s was doing all he could to help tenants get caught up on payments.
“On one standpoint we have a business, we’ve gotta make sure that we can pay the debt that we have on the property. But on the other side, you’ve got humans that are dealing with very tough times. We try to work with people and try to get through it together,” Shultz explained.
Shultz said he offered payment plans to his tenants and educated them about other financial resources but the funds were stretched thin due to enormous need.
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