My condo was just sold at auction today, I am still living in the home. How long do I have before I have to move out? Can I get cash for keys?

Asked by April Harper, Huntington Beach, CA Thu Jun 28, 2012

A friend told me I had 3 days to move out, but another friend says I have at least 30 days and to ask for cash for keys. I have researched online, but it's a little confusing since everything refers to the tenant and I am an owner living in the residence. Do the same laws apply to me?

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19
Shannon Adams, Agent, Laguna Hills, CA
Thu Jun 28, 2012
I work for the banks as a listing agent, and I know you will be offered cash for keys, or relocation assistance as it is called now. The quicker you can vacate the property the more money they will give you. The goal for the bank is to get your cooperation in moving and keeping the property in good condition. I have seen the assistance money range from $2000 to $11,000.

Your other option is to chose to stay in the property and wait for the eviction process to be completed. This can take several weeks or months. However, this will effect your credit even more. Better to cooperate because you eventually will have to move and rent, and landlords will be checking your credit and see an unlawful detainer filed against you.

If you chose eviction, you will have to go to court and state your case. The banks attorney will go directly to the sheriff's office and file a writ of execution to be able to request the police to physically evict you from the property. This is not a happy situation. Especially if you have children. You should not put your children through this emotionally charged scenario. Better to prep them in advance for a normal move through the cash for keys situation.

I wish you the best. You're not alone. Please keep in mind what's best for your entire family.
2 votes
how long before the new owner offers the former owner cash for keys
Flag Mon Nov 2, 2015
Whim626, Home Buyer, Huntington Beach, CA
Tue Sep 15, 2015
my home was just bought at auction today by my morgage company in florida. how long before I have to leave?
0 votes
Yokayoranch, Home Buyer, Huntington Beach, CA
Wed Aug 26, 2015
My property sold at auction today but I have a friend living in house who paid me monthly rent and now I have a 3-day notice....does the rental make a difference, thank you
0 votes
Vicki Papare…, Agent, Huntington Beach, CA
Fri Feb 28, 2014
I think you have at least 30 days before you have to move and yes you could ask for cash for keys. They may come and offer that to you.
0 votes
Shannon Adams, Agent, Laguna Hills, CA
Tue Sep 4, 2012
Yes, stay as long as you can. An agent will knck on your door and ask you how quickly you can move. Just as Alane said, the quicker you move the more relocation assistance, as they like to call it, will be offered. If you refuse to move they will start an eviction proceeding against you, and ultimately a Sheriff will knock on your door and give you 20 minutes (or so) to gather a few things and leave as the locksmith changes all the locks. You don't want that to happen because it is very upsetting for children. Cooperating is the better route to take, logically and emotionally.
0 votes
Alane Anders…, Agent, Newport Beach, CA
Tue Sep 4, 2012
You'll be contacted by the bank from either a listing agent or bank representative. They will offer an incentive for your to move out, the faster you can move the more money they will offer. Best Wishes.
0 votes
Rich Homer, Agent, NAPLES, FL
Wed Aug 15, 2012
The sheriff will let you know with a knock on the door I am afraid. Best to find another place right away.
0 votes
Libardo Quin…, , Newport Beach, CA
Wed Aug 15, 2012
Hi April,
Ok, the dynamics is changing every day, once the property is foreclose you will get an agent from a management company telling you to move out in three days if you are the previous owner, if you are the tenant to move out in 30 days ( read the document that will be given to you or posted to your door).

CASH FOR KEYS is too expensive for the servicer, lender o management company ( the goal is to have you out in the less expensive way) if in 30 days or less you or the tenant are not out, you or the tenant (cats and dogs " not a joke") will get an unlawful detainer from court . (is the less expensive and fastest way to get you out). do not fight this fight at the end you will be out( plus "unlawful detainer on your record" ).
If you want to buy more time only an attorney can do it legally, but few pieces mus t be in place.

2010lqz@gmail.com
0 votes
how do buy more time
Flag Tue May 17, 2016
Mahesh Mike…, Agent, Anaheim Hills, CA
Wed Aug 15, 2012
The tenant rules may apply to. Now you are not the owner, you Are a 'tenant'.
Recommend that you seek advice of an attorney.
0 votes
You are not a bona fide tenant if you were the previos owner of the property. You must not be a lawyer...
Flag Wed Sep 2, 2015
Vicki Papare…, Agent, Huntington Beach, CA
Wed Aug 15, 2012
The person who bought your house at auction will come and knock on your door to negotiate a cash for keys or have to start the eviction process. If your property went back to the bank then the bank will offer the cash for keys also. It is negotiable.
0 votes
Thom Colby, Agent, Irvine, CA
Thu Jun 28, 2012
April -
Shannon said it best!
0 votes
Libardo Quin…, , Newport Beach, CA
Thu Jun 28, 2012
in California you will be either serve with 30 days to evacuate if you a tenant or three days if you are the owner in title. cash for keys is not working and eviction is more expensive. what you see now days is unlawful retainer coming to your door regardless who occupy the property.
0 votes
Todd Foust, Agent, Anaheim, CA
Thu Jun 28, 2012
You still need to be served a 3 day notice. After this time, they can start the formal eviction process. Your 3 day friend was right BUT nobody is locking you out after 3 days. The eviction process may take as little as 3 weeks or as long as a few months. I'd also recommend you make a realistic offer to them.

For frame of reference, if we have to evict somebody, its $500-$600 out of pocket for my attorney + the lost rent of 3 weeks to 2 months depending on court appeals. Use this to make them a deal that is fair to you but still cheaper to them than a reasonable eviction cost.

Disclaimer: this is my cost based on my experience only, others experience or actual costs may vary.
0 votes
Thom Colby, Agent, Irvine, CA
Thu Jun 28, 2012
If the bank bought the property, you will be contacted by a Broker to discuss move out timeframe and any relocation incentive that may be offered. Typically these Brokers are extremely nice and want to help your transition to be as seemless as possible. I suggest being cooperative and being realistic as to your expectations $$

If an investor bought the property, they will likely not be quite as nice as they want to flip the property right away. On the other hand, they may want you to stay as a tenant for market rent, if possible. Their timeline will be much shorter than the bank.

Best of luck,
0 votes
does an investor offer you money also
Flag Wed Jul 3, 2013
Mahesh Mike…, Agent, Anaheim Hills, CA
Thu Jun 28, 2012
Sorry to hear that you will have to move. It all depends on who the next onwer is and what they want to do.... they could give you 'cash for keys', they could evict you or they could be nice enough to let you stay there if they bought as a rental or they could give you enough time to settle down on your new place... too many scenarios...

Feel free to ask any specific questions when you come to that.
Good luck.

Mike Patel
0 votes
Carlos Moral…, Agent, Irvine, CA
Thu Jun 28, 2012
You are not a tenant, therefore you were aware of the sale of the property.

The new owner will give you the time, some investors will give you 2 weeks to move out, others 1 month and other 3 days.

There is no rule on the time the new owner will give to you. But for sure they will contact you within the next couple days to let you who the new owner is and what are the steps to follow.

I'd start looking for a new place.
0 votes
Why is it different than if I were a tenant? Information about the sale was mailed to the home address to me as well as to "occupant" so a tenant would be aware of the sale of the property as much as I would be. I suppose I could just wait to be evicted, my credit's already screwed.
Flag Thu Jun 28, 2012
Ron Thomas, Agent, Fresno, CA
Thu Jun 28, 2012
What I have seen happen, is that the Bank probably bought the property.
They will take a couple weeks to hire a Listing Agent, and that Agent will call on you.
They will give you a document to sign that says that you will be out in 30 days and that you won't trash the place, nor take anything, (lights, fixtures, etc.).
In return they will give money. They may offer you $1500; if they do, your answer is that you can't begin to move for that amount. You need $3000. Okay?
You won't get the money until after you are out; make arrangements; keep that person's card.

Good luck and may God bless
0 votes
Lori Hanson, Agent, Aliso Viejo, CA
Thu Jun 28, 2012
When they come and put the notice on your door, call and negotiate with them. They will want to come and look at the house and see what all will need to be done to it. You need to cooperate with them and they will work with you. If you need more time to get out because you haven't made other arrangements yet, then tell them that you need more time. You have the right to asked for money, but they have the right to say no but in most cases they will give you something.

Good luck,

Lori Hanson
OC Homes Realty
0 votes
Carlos Moral…, Agent, Irvine, CA
Thu Jun 28, 2012
Hello April, that's sad news, but yes, it's very likely that the new owner whether is another bank or a private investor, they will contact you to request an appointment to see the property condition and they will offer you an incentive to move out without filing an eviction. This incentive could be money or time, sometimes both.

I'd recommend you to begin looking for a new place to move so when they contact you, you are ready to negotiate possession.

I hope this work, if you need help looking for new place; please call me at 714-955-1932
0 votes
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