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Foreclosure in 20001 : Real Estate Advice

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Activity 5
Fri May 6, 2016
Teddyfields asked:
Sat Sep 26, 2009
Mark Meyerdirk answered:
Ron,
The new owner will likely have a representative approach you in the near future to negotiate a Cash for Keys Agreement. You have many rights as a tenant in DC. The bank knows this and will likely make you an offer to vacate the property within a certain time period. The amount and time period are negotiable and you don't have to agree to it at all. That said, sometimes the offers can be pretty attractive and make it worthwhile to move.

Let me know if you have any other questions or need any advice on the Cash for Keys process.

Regards,
Mark Meyerdirk
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Wed Sep 23, 2009
Mark Meyerdirk answered:
Susie,
I don't know if there is a single answer to your question however in most cases today, the banks are giving incentives for occupants of foreclosed homes to move out so that they can prepare the property for market. They call this process cash-for-keys. In our area, an offer of $1500 for a 2 week move out is common but that can vary depending on the value of the house and the degree of cooperation from the occupant.

Regards,
Mark Meyerdirk
... more
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Mon Sep 8, 2008
Michael Stroud answered:
You should pay whoever owns the property for that given time. If you pay the owner, do you really think he/she would give that money to the bank? Call the bank and see how they plan to deal with your tenancy. ... more
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