Seems fair enough to me.
Since cash for keys is an inducement for an owner to move out of a foreclosed house and leave it in good shape â€“ and you have been out for months â€“ I am confused. Does the person with whom you are dealing know that the house if vacant?
i just wish the agent was willing to provide me with some sort of paperwork, checklist, etc for this transaction. he is really coming off as being on a power trip over holding this check.
a buddy of mine was given just under $5000 for cash for keys on his Fannie May loan cash for keys...all this guy could muster was a grand, most of which would be chewed up in heating an empty house with VERY poor insulation in a michigan winter.
Yes you MUST leave the heat on so the pipes don't freeze and burst. They are not making this up as they go.
The agent that will be assigned the property has the final say as to whether or not the condition you leave the property in is acceptable before they write you the check.
Maintain everything until you have an agreement with the Listing Office. Get a firm date on when you can have the utilities turned off, you don't want the utilities left on endlessly on your dime.
The bottom line is keep the lines of communication open and try to get the agreements in an email or writing with the Listing Office.
I hope this helps and let me know if you need more information.
According to the lenders I've worked with on a cash for keys basis they do require you to keep the electricity and gas on at the property to avoid broken and frozen pipes. Especially at this time of the year.
Karen Paytas, GRI, CMS
Real Living Kee Realty