Owner wantes to move out after closing. What is my best action?

[Andrii Sazhnev]

I am in the process of buying out next flip, and the homeowner (an elderly woman who lives by herself) need to move from the property afrter closing, because she will use the money from closing for her next house/ rent. I havent had this happen to me before, so I wanted to ask you guys, what the correct next steps I should take. My idea was to have a contract made by an attorney, agreeing to a specific time period in which she would have to leave the property, she's saying she should need about a week to move. Any input will be greatly appreciated!

[JD Martin]

Escrow is your friend. A lot of it.

I bought a house maybe 5 years ago from a guy that was too broke to pay attention. He asked for a holdover because he needed the proceeds to pay for a mover. We held back in third party escrow a big chunk - $10k I think - and gave him a 3 day rental for a few hundred bucks and a $100/ day rental rate beyond it. If he left the place dirty, damaged, anything, no money until it was settled. He was out in 2 days and the place was spotless.

You need something financial to hold over their head. Money is the only thing people understand.