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Updated about 8 years ago on . Most recent reply
Evicting occupant from REO property purchased at online Auction
CASH FOR KEYS
In a scenario where a property is being auctioned online & occupied by a former owner/current occupant with two small kids…what is the best way to get that occupant out of that property as quickly as possible ?
Because if an investor (myself), used hard money to purchase that REO then the investor cannot afford to be tied up 3-12 months trying to evict thru judicial eviction process (and associated delays),because the interest you’d be paying on hard money while not being able to move forward on repairs during eviction delays would eat up any profits.
Is there a legal contract an investor could sign with occupant in presence of attorney offering occupant cash in return for keys & a final agreed upon move out date whereby if the occupant renegged on agreement the investor could go to a judge & get an eviction within 30 days or even same week ?
Are there stipulations you could include in such a contract such as:
“by signing Mr.occupant agrees if does not abide this contract gives investor the right to move all occupant belongings out of address”?
If anyone has encountered a similar situation please share your thoughts.