Any ideas on a foreclosed owner wanting to buy his property back

[Andy Sabisch]

We purchased a SFR on an REO auction and knew the original owner was still there.  He lost the house in December of 2019 when the foreclosure was recorded and the deed filed in the bank's name.  So as you can see he has been living there without paying a dime for close to 2 years (and not paying the utility bills either)  We had intended to go the eviction route but gave him three options

1) Vacate the property within 30 days and when we have access and a vacant house, we would pay him $2,000 (Cash for Keys)

2) Buy the property from us and close in 30 days ($10K over what we paid)

3) Go through the eviction process

We have him three days to make a decision as to which option he wanted to pursue and he indicated he was trying to find the money.  He wanted another "few days" to come up with the money.  We drew a hard line and gave him 48 hours or Option 3 woudl be where we are going.

The question is . . . does anyone have any suggestions on where he can get the money to buy it back in light of him having a foreclosure against him?  Does anyone see another option that might work for both of us?

Thanks