Seller Won't Vacate After Sale

[Charles Constant]

We bought a home in Pasadena from a wholesaler with the intention of doing a fix and flip. They had a contract with the 83 year-old seller saying she could stay in the property for 15 days after COE, to which we also agreed. There was nothing in the contract that said what would happen if she wasn't out at the end of that period.

Those 15 days came and went, then she said she need another week. Yesterday, she said she needs "At least" three more weeks. Meanwhile, interest rates are going up, prices are going down and we are paying $6,000 per month on the holding costs.

First of all, I know we were stupid, so no need to point that out, thanks; we won't be doing that again. However, if you have any useful suggestions on what our next steps should be, I'd love to hear them. Thank you!

[Bill B.]

Written In a “not to beat you up tone”

If I’m buying from someone that says they need 2 weeks to get out (I’m don’t like it because of possibly hidden damage or damage done moving out, but have done it several times.) my addendum would look like this. 
    
We’re going to hold $20,000 (or more) for possibly hidden damage or damage done moving out. Yes it’s a lot, but you’ll get it in 2 weeks anyway, right?  I understand your plan is to be out in 2 weeks and we both know things happen so just in case They do and you need more time I,m going to put two options in for an extra week at $1,000 each. That gives you a full month. After that something major must have happened but I still need the space so let’s call it $1,500/week for the next 4. We both agree there’s no chance you’ll still be here in 2 months right? After that you’re really going to want to find somewhere else because we’ll be at $2,000/week. 
 
Then you just send a written reminder a few days before each “extension” kicks in out of their prepaid reserves and hope you don’t get to where you don’t have enough to cover discovered damage.