Cash for Keys, and Cops with Guns

Cash For Keys

I recently foreclosed on a tax lien property that was occupied by a tenant. Of course I use the term tenant loosely as the old landlord abandoned the property and they hadn't paid rent in many months if not years. They were essentially squatters.

But even squatter have rights so I offered them cash to leave early or they could wait for the sheriff would put them out. They opted for the cash.

Time is Money

I wanted them out because I already had a buyer lined up. The new buyer wanted the tenants out. The faster they were out the faster I could get it sold and settled. I paid them $300 to be out today. The title company is ready. I called the buyer and he said he could settle tomorrow.

Our policy is to have them sign a form saying they were out and had no further claims to the property. I also posted the eviction notice as the eviction process had already started. You don''t want to pay $300 to get someone out only to have someone else move back in.

Secure the Building

I made sure to secure the building. Two 2X4s at an angle from the floor to the rear door. I closed and locked all the windows. I even screwed the rear upstairs door shut. That door had a little deck off the back. No stairs, but you can't be too careful when securing a house in Baltimore.

As I drove home I remembered that I wanted to put a no transposing sign in the window. I thought about turning around but heck I was selling the property tomorrow. I will only own it for another 19 hours.

So Maybe I Should Have Turned Around

Perhaps I should have posted that No Trespassing sign, about 9:00 PM I get a call from my buyer. Someone is in the house. I drove back up to the city to check it out. When I drove by the door was open so I dialed 911.

As the cops approach the door, the door closes from inside. All of a sudden the guns come out . I figure it is time to back up and stay out of the way. One cop had my keys and I could see his hand shaking as he turned the lock while his partners had their guns aimed at the door. These guys were clearly taking this seriously.

So Guess Who is Inside.

The former tenants of course. They had climbed up on the back deck. When they couldn't kick in the back door they broke the window and climbed in. There was no furniture. They seemed to just be sitting there trying to get out of the rain while they waited for . . . who knows what? They claimed to be waiting for a Truck to move their stuff, but all their stuff was out of the house.

So the police get them out. I re-secure the building and look forward to getting this thing off my hands tomorrow at 2:00. This is the kind of thing than makes people motivated sellers.