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I haven’t been able to sell my house, should I rent it?

The house has been listed for months and the realtor is marketing the home but it just is not selling and the seller needs to move, so what is a seller to do.
The seller could lower the price until a buyer can be found. But this sometimes will require the seller to bring money to the table that they do not want to bring or do not have to bring to the table. So the next logical solution is to rent the house. But is that a good idea.
Rental property comes with a certain amount of risk. Screening potential tenants is paramount to limiting potential problems but is not fool proof. Sometimes people look good on paper and still do not work out. If you do not have property management experience, you might want to hire a property manager.
The Oklahoma Landlord tenant act explains the responsibilities of the landlord and the rights of the tenant. If you are going to have rental property, you should obtain a copy of this publication and study it. Whether you hire a property manager or not, you need to know what the law says regarding tenants and landlords.
Tenants do not always pay on time. If they do not pay the rent in a timely fashion, you will need to follow the law by giving proper notice, and filing a forcible entry and detainer in court. During this time you will still need to make the mortgage even though you do not have rent being paid.
In addition, the tenant will probably not treat your property the same way you would. Be prepared to have repairs. If something breaks in the house, you will need to repair it in a timely fashion. If the tenant tears up your property, you can sue them for damage and garnish wages.
Deciding to rent your property that will not sell can sound like a good idea and may work out for you, but most of my experience shows me that it costs the home owner more in the long run and may cause additional stress if the tenant doesn’t pay the rent or tears up the property. Only you can decide if you are willing to take the risk of renting your property. But property management is not for everyone.
If you have real estate questions, please feel free to contact me at 405-213-2992 or http://www.sandiwalker.net

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