Has your company ever chosen to use a Cash For Keys program to regain possession in lieu of eviction?

Question? Has your company ever chosen to use a Cash For Keys program to regain possession in lieu of eviction?
Yes or No
If Yes, how did it work for you?
If No, did you consider it? If so, why did you decide not to use it?
Thanks for sharing your experience.

We dismiss eviction if they turn in keys before court. "saying it won't go against their rent history"

We try prior to every eviction filing, so far all of my 10 attempts have failed.

Sample size: 1 year turnaround of 44 unit Class C property.Successfully used CFK to buy-out leases that were not at market, many times.Attempted to negotiate CFK in lieu of eviction on two occasions, in both cases the tenant refused.For one of those tenants, we won an eviction case at approximately the same financial cost of the refused offer, but at considerable emotional cost.For the other tenant, they opted to up and leave in the middle of the night once the eviction proceedings got far enough along. This was against their own self-interest, because they left without any sort of payment at all.My experience with C4K in general has been: Almost all of the tenants were confused and suspicious. On average, the tenants acted against their own self interest and came out worse than our offer.

Chase Banta the same decision making that leads to eviction circumstance is applied when evaluating options. Some people just don't understand how the world really works.

Yep. Its hit or miss. Also depends on the amount of cash.

In the height of covid stopping evictions or delaying them we offered $1000 cash for keys and write off of all balances with keys returned by a specific date. We had several takers.

I will drop the eviction if they leave before court but haven’t actually tried cash for keys. I’m LIHTC so it’s a big loss for me either way. Prior ownership considered it but didn’t ever go that route. I tend to just try to reason with them if possible. Court costs can sway some people plus the actual judgment is a much more clear way to spot an eviction than any amount at collection. I wish more private owners would take their bad debt collection seriously. So many of them don’t run credit or turn over skips, etc… to collections that these people land on their feet over and over.

We have attempted something similar for a property we are selling. We will write ofd balances which are substantial if they leave within two weeks. We have offered it to 15 people...5 accepted. Several of the remaining want to negotiate and move after first of the year while they rack up more debt. No thank you...to court we shall go and you will go to collections now.

Stacy Shaw these people are in no position to negotiate

Stacy Shaw if you are where we are most judges won’t evict till February. Due to holiday season. You may want to do the math and see if it’s worth it to get them gone sooner. I know… it goes against every fiber of my being but sometimes it makes the most financial sense. Good luck!

After a purchase, we offered people to walk away of thousands of dollars of rent debt just go. Nope. Evict me were the words out of their mouth.