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Updated over 1 year ago,

User Stats

10
Posts
3
Votes
Kate Schaefer
Pro Member
  • Investor
  • Philadelphia, PA
3
Votes |
10
Posts

Cash For Keys Best Practices

Kate Schaefer
Pro Member
  • Investor
  • Philadelphia, PA
Posted

Hello BP!

My partner and I closed on a duplex at the end of April. We knew we were inheriting a tenant when we purchased it. We won't be able to start work on the property until he is out because he has the only basement access in his unit. We provided him a 30-day notice to vacate (just in case we needed to lean on the formal eviction process) and also offered him a cash-for-keys agreement. He ended up signing it, but since then, his family has contacted me, upset that he signed it. He is elderly and the unit is not in safe living conditions, so we know he needs to leave, but his family is obviously stressed about the timeline. They have also threatened to sue. 

My question is — according to the cash-for-keys agreement, he is supposed to move out in 2 weeks. We have not heard anything from him, letting us know what his plan is on the day of the move — such as, what time we should meet him for the final walkthrough. We don't want to seem pushy, but at what point do you think it's ok to reach back out to him and ask what his plan is on the move-out day?

Also, any advice on managing the relationship with his family would be helpful. They are not his legal guardians, but they're clearly involved to some degree because of his age.

Thanks as always!


Kate Schaefer

  • Kate Schaefer
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