Rentals in Port Saint Lucie>Question Details

Hotnikelsme, Renter in Port Saint Lucie, FL

Tenant home foreclosed, cash for keys?

Asked by Hotnikelsme, Port Saint Lucie, FL Thu Jul 7, 2011

The home I am living in was sold back to Wachovia Mortgage FSB after it went into foreclosure and into auction for being behind on taxes and mortgage on 7/6/11. The realtor came by today I had two options; (the one I know) which is the 90 day notice or the fact that the bank would prefer for us to leave asap so they would offer the cash for keys. We would be receiving a letter in a day and he would be back in 8 days to negotiate. We are open and have been looking. As long as it covers expenses, we have a home in mind, we just need the funds (especially after losing deposit from foreclosed landlords), so we incorporated that into the costs. He said the sooner, the more they offer. We calculated 3000-3500 to move including costs of moving, deposits and first month's rent.We are going to wait to see what they offer. What is usually expected or common? I keep hearing different amounts? Thank you.

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There is no set amount as I believe it depends on what the asset manager is willing to offer. The main factor in cash for keys is the faster you can move the more money they will offer. If you can move in X number of days, they will offer X number of dollars. If it takes you a week longer, that amount will drop.
0 votes Thank Flag Link Fri Jul 8, 2011
Speaking from the experience in offering cash for keys most banks will give you the funds but they want hand you the check until you have moved out and left the home in broom clean condition along with all of the appliances. Then you will have to wait for the check to clear up to 15 days from your bank due to the amount. Wachovia is a coopertative bank so don't waste time going back and forth just tell them what you need to move probably a little more to negoiate down to what you actually want. Agent should be cooperative because they want to be able to sale the property. And if you need the funds to move you can show the landlord the letter of intent from the bank and they might be willing to wait for the funds. Either way you have the power in the situation.
0 votes Thank Flag Link Fri Jul 8, 2011
Everything with the bank is a negotiation. The Cash for Keys program is a great one. It produces all winners. You might want to line up your new home, rentals are getting hard to come by in Port St. Lucie. They are in high demand because of the market conditions.

Debbie Albert, PA
Keller Williams Treasure Coast
0 votes Thank Flag Link Fri Jul 8, 2011
Well if you have a place in mind make sure you have enough for 1st, last, and 1 month security deposit. Then also figure in your moving expenses and application fees. So let's say it's a $1200/mo place. Figure $3,600 + moving expenses.
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0 votes Thank Flag Link Fri Jul 8, 2011
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