Q: Hello, What is the standard buyout amount to be paid to a family to leave their apartment? Thank you!
A: I have never heard of a "standard buyout," nor have I ever seen any kind of guideline. The concept is usually referred to as "cash for keys," and it is totally subjective. If you can get your tenants to move out in a relatively short time, and leave the premises "spotless," that is worth a lot of money to you, and will save you a lot of stress. You will save a lot of attorney fees, and you most likely get your property back on the market a lot quicker. As with almost any legal dispute, reaching an agreement, with which neither party is completely satisfied is usually a good one.
Start by computing what it is going to cost you in both time and money, to evict your tenants. Don't overlook the possibility that they are afraid of the stress as much as you are, and will move out without a fight. But once you determine they are not going to go easy, make them a low offer, and then go up to a point, where it no longer makes sense to be a nice guy.
Thomas A. Grossman agrees with this answer
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