Foreclosure in Los Angeles>Question Details

Elie, Home Owner in Los Angeles, CA

Bank did foreclosure sale no one bought, have 4 tenants, we were offered 5,000.00 to move by aug 29th less later .home ex. cond. 10,000 more reas?

Asked by Elie, Los Angeles, CA Thu Aug 11, 2011

Hone was foreclosed on , bank owned now foreclosure date Aug. 5th nothing recorded as of yet. Do my tenant's still continue to pay me untill the bank takes possession and we move out? They have offered us 5,000.00 to be out by 29th of Aug. 2,000 less 2 weeks later. I will counter offer as home is in excellent condition Turn key home for bank to resell by the agent thry hired. Tuscan garden need's cleaning. The tennant's covered by Tennant's right's act. they can stay for 90 day's. Untill the bank takes legal possesion, get's the key's from me do the tennant's continue to pay me rent as the Foreclosure sale was Aug. 5th / Would 10,000.00 or more be appropriate to counter offer their offer to be out by 29th. This is American home mortage
Servicing for Duetch, bank with Ameriquest securities, they are horrible and protected the lender and are being investigated by the US treasury dept. for their record keeping, not giving loan modification's and not agreeing to shortsale proposal's,

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You will not collect any more rent. You are not entitled to it. You can request any amount you wish, but they won't likely give you more than $5,000, regardless of the condition of the home. In fact, $5,000 is alot, I don't usually see any more than $2,500! You will not be paid any cash for keys money until you have vacated and left the property in broom swept condition, with no garbage or furniture left behind, and all systems are up and running. I suggest you take what they are willing to give you, or the next knock on the door will be the sheriff accompanied by movers and a locksmith.
0 votes Thank Flag Link Tue Aug 16, 2011
I think I am Flabbercasted!

The Moving Money was not intended for YOU!
It is meant for the Tenants to move in a timely manner and without damaging the House.

You are still collecting RENT and you want to keep the Moving Money too?

Also, the Moving Money is pretty much a GIFT! They don't HAVE to give to anything.

I'm still flabbergasted.
0 votes Thank Flag Link Thu Aug 11, 2011
Hi Elie,
Keep in mind that while the amount is negotiable, the bank is now the owner of the property so when they tell you to leave, you have to leave or they could take legal action. The money the bank is offering you is most likely "Cash for Keys" which is money that banks pay to foreclosed homeowners in exchange for the homeowner agreeing to leave the property in good condition. You wouldn't believe how many foreclosed homeowners strip their properties clean when they vacate -- I mean light fixtures, doors, crown molding, carpet, you name it.
If the bank now owns the property as of 8/5 and you have to be out by the 29th, the payment of rent seems to be a mute point since you will have already vacated before the first of the month. The bank should have assigned a rep to you and that rep should be able to tell your tenants where to send their rent checks for the next 90 days. I actually was once a tenant in a foreclosed 4-plex and the bank contacted me immediately and told me to send the checks to them.
I would strongly advise you to do everything by the book and comply with the banks requests, you don't want to risk any legal action against you.
Hope this helps.

Best of luck to you,

Scott Parietti
Premier West Group
DRE Lic #: 01820791
0 votes Thank Flag Link Thu Aug 11, 2011
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