Relocation Money for a tenant

I know this may sound like a offbeat question but has anyone been successful in getting a tenant relocation money. It is a long complicated story but bottom line is I have a tenant with "squatter" rights and seller can not afford a formal eviction as he has tried in past but tenant is a pro at working system and I can not get her out. I was told by Chase negotiator it is illegal to do cash for keys which is news to me. Any insight or advice would be appreciated.

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Permalink Reply by Jeff Payne on December 15, 2011 at 7:01am

Cash for Keys is typically used when a bank forecloses on a property that is occupied by a tenant.  Many times it is cheaper and easier to throw a few dollars at them rather than evict.

Does your tenant have a lease?  If they are there illegally you may want to call the Sheriff and have them go with you and the owner of the property to make them leave.  Alot depends on what state you are in.

You could also get the seller to give the cash to leave, basically the same thing as cash for keys, except the bank is not involved.

Permalink Reply by Mike Rosania on December 15, 2011 at 7:43am

Thanks for the reply! Thats the argument I gave when negotiator told me it was illegal that they typically give cash for keys once a REO. Unfortunately seller can not afford to give anything at this point. I took this deal on knowing it would be a challenge and just trying anything to get it done. I will give up a portion of my commission if I have to get it done but at this point they countered me about 15k over market value and not getting any cooperation from negotiator as a matter of fact he has not returned any of my calls this week. Very frustrating.

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