Cash For Keys In Foreclosure Sale Property

[Max Schilling]

Hello all, 

I recently purchased a condo on the east side of Madison from a foreclosure sale auction. I am wondering what the best strategy is for removal of the current owner. I have been through this process before with the first foreclosure property that I bought. I ended up having to hire an attorney, file for a writ of assistance, and have the sheriff serve the writ by showing up and physically removing the occupants. Luckily this was all accounted for in my budget, but it was still a slow and expensive process. 

This time around, I am looking for other possible ways to facilitate the vacancy of the previous owners. I am considering knocking on the door and offering a "cash for keys:" agreement. If need be, I can/will go down the legal path again, but I would like to avoid it as I want this property flipped ASAP. 

Has anyone been in a similar position, or has had success offering this type of agreement to a previous owner of a property who has not yet voluntarily vacated? What are your thoughts about talking face to face with the previous owner? 

Any advice would be greatly appreciated!


 

[Ericka Parrott]

Hi Max, being "caring" and having a conversation with them at the door can save you.  In addition to offering "cash for keys" assure them that they can use you as a referral on their next tenant application, or offer them a short term-2 month lease. Give them a couple of options, they already know the unit got foreclosed, most people move to avoid the hassle.