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Updated about 3 years ago,

User Stats

4
Posts
1
Votes
August Schmiedeknecht
  • Rental Property Investor
  • Novi, MI
1
Votes |
4
Posts

Cash for keys to provide vacant unit to owner occupy

August Schmiedeknecht
  • Rental Property Investor
  • Novi, MI
Posted

I’m looking at buying a duplex to owner occupy, but the current leases don’t end until March, 2022 (4-4.5 months from now). Is it possible for the seller to pay cash for keys to a tenant to get them to agree to terminate their lease early? Would it have to be vacant at close or could the agreement extend an additional 59 days after close as long as there is a signed document by all parties?

I’ve heard of cash for keys to avoid eviction, but can it be done with a tenant in good standing?

I don’t have the cash to do a 20% down payment, but if the house appraised for 15-20% more than the purchase price would that basically be the same thing?

Thanks in advance!

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