Have you ever offered cash for keys while under contract?

3 Replies

We have a property under contract that should be a great deal. The home has a squatter in it that we are requiring the current owner to evict before we close. We gave him 120 days to do so. We want them out so we can get in ASAP. The home is looking to be a steal. Purchase price at 100k. ARV at 190K. Has a new roof, new furnace, new water heater, and new AC unit.

He is currently working through the court case but would love to get this done faster. He hasn't offered cash for keys. 

If i contact the local PD (I have a family friend in that department) will they accompany me to speak with the home "owner"? I'd rather not take a steak knife to the chest... 

I'm assuming you make them move before they get a dime and sign something stating they will move with no hassle? 

What do you generally offer $ amount wise? 

They quit paying rent back in late 2012 owner is in his 80's and wants out. 

Anyone ever done something similar? It's worth it for me to pay a few K to get in sooner vs later. Plus it may save the owner $$$ as well. 

They don't call us problem solvers for nothing.

done cash for keys many times... yes a few times when under contract. 

not sure they will be too inclined to chat with PD standing behind you :)   

there is no set amount to offer... my offers historically have been commensurate with the amount they were supposed to be paying per month with the thought process is that is the next price range they will be looking to rent in... 

if your nervous to go there alone go leave a bright neon green paper taped to the front door and briefly tell him who you are and that you want to give him money to get out. 

WHEN he is out then you give them the money.  (in small unmarked bills) (jk)

@Steve Babiak

That is hilarious. I have never seen that before. However I wasn't really interested in the contract. I have actually googled that same thing. ;).

I was more curious in the cash for keys before closing and if it's been done before. 

@Sky Mikesell

Thanks man!

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