My property just got reverted back to Wells Fargo 2 days ago via Auction Sale. How long before I get a knock at the door? Cash for Key?

Asked by Raguilsh, San Diego, CA Fri Feb 17, 2012

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Dianne Hicks’ answer
Dianne Hicks, Agent, Rancho Bernardo, CA
Wed Apr 4, 2012
There is no way of knowing but you should expect an knock on the door or an notice on door any day. They usually are very quick about it. Cash for keys... may happen and may not. The worst the house looks to them physically sometimes determines amount that will be offered. So if house has not be maintained well... don't expect much. Often when people go through this situation... their heart is not into maintaining the house... it is an emotional side effect. Try to clean up outside and make it appear in the best condition you can to up your odds of a decent cash for keys. I know cash for keys is to get you out but it is also to assure homes condition remains decent. The better the house shows... Example, I know someone who was initially offered $1500, when assets and condition of home was seen, it went up to $5000. Just an interesting fact... not always the case. Good Luck!!!
0 votes
Kawain Payne, Agent, Seal Beach, CA
Fri Feb 17, 2012

Now that the home has been reverted back to Wells Fargo, they will assign it to a asset management company who in turn will assign a Realtor to sale the property.

This process can take anywhere from a few weeks to a few months.

Kawain Payne, Realtor
2 votes
Rod Powers, Agent, San Diego, CA
Sat Feb 18, 2012
Rag --

What Kawain has stated is right on ...

I might add, when the assigned real estate agent is selected, he will then approach you and make an offer something like: X$s ($____) for your keys if you leave the house in a clean and functional manor....

Hope this helps. If you have anymore questions, please don't hesitate to respond back through my private contact info listed here ...

-- Rod --

Certified Short Sale Specialist
Serving San Diego Families for 30 Years!
1 vote
SERGEY FEDNOV…, Agent, Beverly Hills, CA
Fri Apr 27, 2012
If you an owner you have about 30 days if you a tennant you have about 90 days before you must leave.


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0 votes
Irina Karan, Agent, Aventura, FL
Thu Apr 26, 2012
This depends on your county and state law. To know all your legal options - go see an attorney or legal aid (if qualified). In most cases, banks don't pay cash for keys at this point.
However, some might - it depends on the asset manager and time line he is dealing with.
Some banks will send in a company to change locks (because to them you are an overstayed tenant),
or they might send an agent to talk to you and ask you to leave. If you don't, the eviction will start.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes
Raguilsh, Home Owner, San Diego, CA
Sat Feb 18, 2012
I tried Mortification twice, 4 short sale offers, and 1 cash offer. The MI denied every attempted to do the right thing. I even denied to file Ch. 13 to delay. I want to do the right thing. I have a Pet and the next opening on a Condo is in 3 weeks. That why I ask about staying in my property. I want to be helped at least once in this whole process. property is in Perfect condition and not trashed like other foreclosures. I'm dying to move out Jim Simms since the day I got my NOD.
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Sat Feb 18, 2012
Or you could just move out, if the tables were revered how would you want to be treated?
0 votes
Shannon Ande…, Agent, San Diego, CA
Sat Feb 18, 2012
Also...not sure how this will affect you, but the settlement with the lenders may involve you. I would ask an attorney about this especially if Wells is the lender.Wells Fargo: Here is the contact number for Wells and here is the website about the settlement. (800) 288-3212.
0 votes
Shannon Ande…, Agent, San Diego, CA
Sat Feb 18, 2012
I have gone out on a property the next all depends on the asset management company. Why didnt you just do a short sale? Curious.....
0 votes
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