SB 5600 would adversely affect a Landlords ability to obtain and service mortgage debt.

SB 5600 is a comprehensive bill forged from ignorance and absurdly overzealous liberal law makers in Olympia. Below is an outline on how SB 5600 affects the Washington landlord tenant law .

Extends the pay-or-vacate notice for default payments from 3 days to 14 days.

Most landlords will opt to work with tenants related to a 3 day pay or vacate notice. If a tenant always pays the rent and just happens to be short of money by the 6th, Landlords would rather give that tenant the benefit of the doubt. Landlords will only send a 3 day pay or vacate to tenants that have a history of late payments. After the tenant has been late numerous times, many landlords will tender a 3 day pay or vacate the day after the rent is late. The 3 day pay or vacate serves as legal documentation as well as a warning.

A 14 day pay or vacate puts the renter at the 21st day of the month before they have to pay the rent. The next month’s rent is then due just a week later. The tenant then can opt to stay an additional month without paying before the full eviction process can take place. . Hence, the tenant would get basically 2 months of rent for free before getting evicted. For many landlords that have to pay a $1500 mortgage , 2 months without rent payment would adversely affect a landlord’s ability to service debt and maintain a 700 credit rating. A 14 pay or vacate notice is absurd.

Taken from TNT:

Kuderer said that is especially important because it could help people who are short on rent by giving them time to receive another paycheck or otherwise come up with rent money. Three days is simply not enough time, she said.

This Kuderer person probably has never rented out a house. A 14 day pay or vacate allows a renter to pay the third week of every month and totally alter the landlord tenant agreement. If a renter cannot pay by the 10th, what makes you think they will pay “on time” the next month. Kuderers SB 5600 only compounds a renters inability to pay rent at the behest of the landlord. Again, a 14 day pay or vacate allows a tenant to live in a property for two months without paying a dime of rent. They could then show up to eviction court and talk the judge into another month or two for free.

Second, landlords would be required to provide a more uniform 14-day notice to tenants that outlines costs owed. They also would be required to provide information on where to go for legal help or advocacy resources.

The current Landlord tenant law is thorough and uniform and should be left alone. A tenant can look up the Landlord Tenant laws on line. Most landlords will not charge a late fee to renters that always pay the rent on time or a few days late. SB 5600 would make landlord’s charge a large late fee and a daily late fee. So by the 21st of the month, a tenant would face possibly hundreds in late fees in addition to paying the late rent.

Next, it would require landlords to first apply any other tenant payments, like deposits, to late rent before they can apply it to any other charges.

This is absurd. the Landlord requires a damage deposit to cover damages to the property. Renters routinely leave a property damaged. Rare are the tenants that leave a property better off then when they entered the lease agreement. . More often than not, repairing a rental after a tenant leaves costs a minimum of $4000. This does not include any labor. With greater degrees of damage and wear and tear beyond normal limits, putting a rental back into service takes at least two months and can cost between $6000 and $10,000 in lost rents and maintenance. The Landlord then takes an additional month to rent the property out at a loss of another $2000. In addition, building materials and labor have grown by a factor of 3 in just the last 10 to 15 years. When a landlord is required to apply a damage deposit to late rent, and then a 14 day pay or vacate, a renter can basically skip out on damage expenses and stay at a rental for several months without paying a dime more. The Landlord then has to take the tenant to small claims court if they can even be found.

The Democrats in Olympia seem to have no experience renting a house out. Today, the average mortgage on a small rental home is probably based on about $200,000. The PITI payment is between $1100 and $1300 a month. We must then add the insane property tax increases that put the average property tax payment at about $300 to $400 a month. House insurance is probably about $60 a month. So even a small loan of $200,000 based on a 5% mortgage payment and 30 years will cost the Landlord as much as $1700 a month. Then if a landlord has to abide by the absurd SB5600 law, they would be severally impacted financially. Landlords would and could lose their credit rating if they are late on payments to the mortgage company. They would then not be able to refinance a house going forward. Multiply this realty by a factor of 100,000 landlords, and SB 5600 would be devastating to the mortgage industry, building material centers, and home owners.

The current landlord tenant laws on the books have been working well for decades. Both parties benefit as is.

The Law makers in Olympia must think that every Landlord owes their homes free and clear and can wait up to two months to get a rent payment. Most Landlords have a rental house mortgage payment and an additional owner occupied mortgage payment . Every month, they engage in a financial balancing act. . SB 5600 gives renters carte blanche to totally abuse the Landlord Tenant law and pay what ever day of the month they want. This would lead to Landlords not being able to pay the property tax bill on time and the be assessed fines etc.

When a landlord is late on the mortgage payment, they are assessed late fees. If a landlord is late 3 times on the mortgage payment, they can no longer refinance a home. They cannot take sweat equity or regular equity after paying the mortgage for 20 years. SB 5600 puts the power in the tenants hands and allows them to negatively affect a Landlord’s ability to maintain credit and financial viability. This is a stupid bill that has been vetted by a committee of imbeciles.

SB 5600 makes the requirement of 1st /last and a large deposit an absolute necessity. However, the current Tacoma Landlord tenant laws have been altered so the tenant can make payments on the deposit and other costs associated with the lease agreement or the landlord is subject to a$1000 per day fine. WTF?

the current inept lawmakers in Washington state are turning the Landlord tenant relationship into an utterly ridiculous arrangement.

Lastly, renting and maintaining rentals is a costly balancing act for most Landlords. SB 5600 is an inept bill orchestrated by ignorance that does a disservice to Washingtonians. We expect a higher level of experience, intelligence, and a basic understanding of economic principals from our representatives. Whoever wrote this bill should be ashamed of it’s outright stupidity.

About 46% of houses in Tacoma are rentals. In order for these rentals to be adequately maintained and not be an economic burden on Landlords, the original Washington State Landlord Tenant laws must be reinstated completely. landlords many times need 1st/last and a deposit to cover their mortgage and maintenance expenses should a tenant not pay the rent. The 3 day pay or vacate is a proven process that benefits both the landlord and tenant. Should liberal law makers continue to bastardize rental agreements, Landlords will not have any money left to go to Lowes or Home depot. They wont have money to pay laborers, cleaners or rental agencies. Moreover, SB 5600 will drive up rental costs because landlords and large rental companies will seek to protect themselves from the liability of inept laws.

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