Cash for Keys – Sell Your House Fast for Cash!
Here’s something I just went through as an investor. I recently bought a house from a landlord who wanted to part ways with her single family 2 bedroom ,1 bath rental property that she owned for many years. When she first contacted me she let me know there was a couple who had been living in it for about 4 years. I told her I would need to see the property so I could determine what work needed to be don and she agreed to arrange that. And sur enough I met her on a bright Tuesday morning to go inside with my contractor to inspect the property. The tenants weren’t there. As my contractor looked around I chatted up Mrs. Seller. We discussed when she bough the property, what repairs she had done to it, and I asked her about how she had come to rent it to the people who lived there now.
She told me they had been referred to her by her niece when she had mentioned at a family gathering that she needed to find a new tenant for the property. She assumed that since her niece recommended them that they were all good friends and therefore she could assume that strong bond of friendship between her and the new tenants. You know where this is going. Shortly after the couple moved in the wife began to call Mrs. Seller and complain. It was small complaints at first like the tub didn’t didn’t drain fast enough. Then the complaints began to sound more alarming, like it smelled like smoke when they ran the heater. It was dirty air filter. As she talked more and more about her tenants our casual chat turned into a therapy session for her. When Mrs. Seller had finally gotten every thing out of her system regarding the tenants she looked at me and said flatly “They will still be living here when I sell it. They said they can’t move.” I just smiled and told her that would be fine.
Real estate investors make a living by solving problems for homeowners. I accepted that in order for me to buy this house I would be taking on a problem that the owner no longer wanted to deal with. When we closed escrow and the the title transferred to me I sent a letter to the tenants letting them know I had bought the property and would be fixing it up in order to sell it. I offered them their full security deposit back, which Mrs. Seller had credited to me when we closed. But then I went a step further. I offered them Cash for Keys. I told them that if they moved out with in 60 days I would pay them $3,000. I them told them that if they moved out between 61 and 75 days I would pay them $2000. I then told them that if they moved out between 75 and 90 days I would pay them $1,000. At first the offer wasn’t well received but as the days began to pass they realized the offer must have grown on them. On day 59 I met them at the house where they showed me it was completely vacant and cleaned. And I gave them $3,000. Good ol’ cash for heys!