Tenant refuse to move

[Mike Young]

Signed contract with contingency that renters will vacate in 90 days.

Updates along the way were renters found another place and have been moving stuff out.

90 days is May 30 and just received word that the renters will not move out now.

I assume our options are to back out or bend to the will of the renters.

Renters are paying half the market rent (that will not even pay the mortgage let alone expenses) and I have a very limited time to rehab the house before putting in new renters.

Any advice?

[Joe Splitrock]

@Mike Young figure out what it will cost to get them out and reduce your offer by that amount. For example, 12 months fair market rent. Even if it takes you six months to get them out and the other 6 months rent is spend on an attorney, it is a win. Basically just tell the seller with the eviction moratorium and slow moving courts, this tenant could be there a long time. Either get them out or accept this concession for us to close.

@Christy Philippoff cash for keys is playing with fire unless you are very experienced. The only way it should be offered is with a fixed amount and firm deadline. You also need to communicate what happens if they refuse. 

"Take this $1500 and be out by May 30th. If you refuse the offer, we will start eviction proceedings. My attorney is good. The eviction will show up on your record and make it hard to rent in the future. On top of that we will get a judgement for money owed. I will have a collection agency go after your bank account and get a garnishment on your paycheck. I don't  want to go that route. It would be easier if you took the $1500 and saved us all the trouble, but if you make me go to court, I will not stop until you have an eviction on your record and pay me the $XXXX back rent you owe me."

Usually when people offer cash for keys, it becomes a negotiation and the tenant keeps asking for more. Often the tenant is just stringing the landlord along. They figure they will get a couple more free months and the cash will still be there waiting. Once a landlord backs down from any ultimatum, they lose credibility. They need to know you are serious or they will gouge you for everything you have.