Buying a foreclosure and owners won’t leave

[Alison Rauch]

We are closing on a foreclosure that we are buying through a wholesaler. The “owners” of the house claim that they were not aware that they had to move out and say they made an agreement with the wholesaler (who he thought was the purchaser) to rent the house until he found something, which is not accurate. We want him out so we can renovate, rent out and refinance. Any advice?

Do we start eviction right away? Do we offer cash for keys? Do we allow him some time to find something and work on the outside until he moves? What kind of contract, if any should we have with him? Any advice would be appreciated. Although we have rentals and have flipped houses, we’ve never had this situation.

[Jeff Willis]

Once you become the owner, I suggest cash for keys. If you force anything else, they may trash and destroy the place