If my home was sold to an Investor do they also give you cash for keys.

Asked by judy.pomroy, Huntington Beach, CA Wed Jul 3, 2013

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John Arendsen’s answer
John Arendsen, Agent, Leucadia, CA
Thu Jul 11, 2013
I have had clients who have recieved a generous C4K settlement. It all depends on how motivated the new owner is to occupy the property. In this marked anything can and usually does happen. I've seen it all a couple of times. Nothing surprises me.
0 votes
John Arendsen, Agent, Leucadia, CA
Thu Jul 25, 2013
The client I was specifically referring to was a renter. They received 10k $4K. It doesn't always make a difference whether you own, lease or rent the property. It really just depends on the motivation and intent of the new owner.
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Susan Turner, Agent, Huntington Beach, CA
Thu Jul 25, 2013
It depends on the situation. If you are the previous owner and bank foreclosed on you, they will start the eviction process, however, often times they offer the occupant cash for keys to expedite the process. If you are in a rent controlled property, no cash for keys will be offered. If you are a tenant with a valid lease, you, the tenant has the right to live in the property until the lease expires. If you are on a month-to-month lease, new owner must give you a 90-day notice to vacate. There is no obligation to give you cash for keys, however, that can be an option to expedite. If you are pursuing a short sale, there is a government program that offers $3000 assistance if you are still living in the property and meet their criteria.

Whomever now owns the property will most likely be in contact with you soon, either by mail or in person. You do not need to seek them out and contact them, however if you don't have a lease or are the previous owner, you should start looking for new housing.
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Laura Coffey, Agent, Santa Clarita, CA
Wed Jul 3, 2013
There is no law that anyone has to give cash for keys. It's usually done for convenience so there is no hassles.
It it was a standard or short sale I doubt it will happen.
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Don Tepper, Agent, Burke, VA
Wed Jul 3, 2013
If it was a conventional sale: No. Your lease continues with the investor.

If it was a foreclosure--and your reference to calling the bank suggests that it was--then: No. The laws in California, from what I understand, are more tenant-friendly than in other places. Bob suggests you have up to 90 days if you had a legitimate lease...and he knows more than I do!

Still, the bottom line is that someone else now owns the property. You may (per Bob) have some grace period in which to leave. And you can always attempt to negotiate with them. For example, if you do in fact have 90 days but the investors want the property sooner, negotiate with them. Ask for, perhaps, a month's rent plus moving expenses. They might counter your offer. They might give it to you. Or they might just wait you out.

But recognize that they ARE the new owners. They have to obey whatever laws apply, but they don't have to go a penny (or a day) beyond that.

Hope that helps.
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Bob Phillips, Agent, Rancho Santa Margarita, CA
Wed Jul 3, 2013
@Josh, from OK, the new buyer has to either go through an eviction process - possibly months - or attempt to cordially "negotiate" with the occupant, ie, cash for keys.

In MY humble opinion, an owner can NOT force their way into the property - even though they now own it - and change the locks, not in California, anyway.

And if the occupant was there on a "legitimate" lease, they can have up to 90 days to move.
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Mahesh Patel, Agent, Anaheim Hills, CA
Wed Jul 3, 2013
This is something y ou can negotiate with the new buyers...
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judy.pomroy, , Huntington Beach, CA
Wed Jul 3, 2013
So I just called the bank back and they said they don't know who bought it I am so confused.
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Josh Barnett, Agent, Chandler, OK
Wed Jul 3, 2013
No, they usually replace the locks.
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judy.pomroy, , Huntington Beach, CA
Wed Jul 3, 2013
Do I wait for them or should I call them.
0 votes
Ron Thomas, Agent, Fresno, CA
Wed Jul 3, 2013
Probably not:
Who knows, maybe you can negotiate that when they come to talk to you.
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