What To Do When A Tenant Walks Away From A $20K ‘Cash for Keys’ Offer
Recently, a seller client and I entered complex negotiations with their tenant and a buyer in trying to arrive at this type of agreement, which resulted in us having to come to a different type of arrangement when our ‘cash for keys’ offer of $20,000 was refused by the tenant who asked for more money.
Our alternate arrangement, which entailed a compensatory agreement between the seller and buyer in the event that the tenant didn’t move out, reduced potential costs for the seller and provided the buyer with security and underscores the need for skilled and experienced negotiation in this more complex situation.
Watch my video for the full details of this transaction:
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John Pasalis is President of Realosophy Realty. A specialist in real estate data analysis, John’s research focuses on unlocking micro trends in the Greater Toronto Area real estate market. His research has been utilized by the Bank of Canada, the Canadian Mortgage and Housing Corporation (CMHC) and the International Monetary Fund (IMF).
A leader in real estate analytics, Realosophy educates consumers at Realosophy.com and MoveSmartly.com and helps clients make better decisions when buying and selling a home.
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