Help! Cash For Keys Form Letter Please!!!
I am buying a tenant occupied REO property. I would like offer cash for keys to the previous owners/tenants. Does anyone have a good CYA form letter that I could give the previous owners to sign? Thank you! 
Little confused here. There are tenants in a bank-owned property? My first question would be why? Before the bank can sell, they should evict the current tenants.
Now, if these are good tenants, people that you would want to keep, why would you need to offer them cash for their keys? Why would you do that anyway?
If you don't want them, I wouldn't buy it unless the bank gets them out, or discounts the property ALOT. Sounds like you could be buying a problem.
Roger
I'm getting this property for $149K and it's worth $350-400K. I told the bank I would take it with the tenants in it -- now I just have to get them out. They accepted. Got lucky on this one.
The occupants are the previous owners and I don't want them in the property. I'd rather have paying tenants.
[ Edited by HouseHuntersUSA on Date 02/19/2004 ][ Edited by HouseHuntersUSA on Date 02/20/2004 ]
Okay,
My suggestion is to do one of the two:
Go knock on the door, inform that you just bought this place, and if they are able to get out by next week (give them a weekend to move out), you'll give them $1000 CASH. Everything must be out, and the property should have no damage to it (at least no more than is already there). No need to ask for the keys, since you should replace the locks immediately anyway.
Option two is to simply file eviction proceedings following your state guidelines. Here, an eviction takes 14 to 30 days to get them out.
Roger
Be very careful,
( in FLA.) If you buy a house that has tennants and a valid Lease, you cant evict them just because you bought the house ( LAWSUIT)
If they break the terms of the lease, well then ok.
I do offer some cash if they move out quick, but dont threaten or turn off the power etc.
they can and will sue you. ( in Fla., check your laws)
I am seeing the previous owners today and will offer them $$$ to move out. It seems as though I should have them sign something before giving them the money -- something saying they won't sue?
I'm also talking to an attorney regarding eviction proceedings -- I'll see if he has a CYA letter. In the meantime, if anyone has a CYA letter, I'd really appreciate it. Thanks for you advice.
dont pay untill they are out.
( been there done that.....)