banks listing agent offered $1000.00 cash to move out should i take the money?

Asked by Mr, Los Banos, CA Tue Dec 23, 2008

I was doing a rent to own, the title holders recieve rent money of $1000.00 and half is put words the down payment each time. I havent paid this months rent as I wasnt happy when I got the notice on the door stating the home was to go to auction in a weeks tim! After contacting (landlord/title holding people I was told by submitting an offer on the house that would stop the forclosure, well , the house is forclosed on now and I ave been offered cash for keys if I leave in next two weeks..... A) should I take the $1000 offer and just go on the date they want me out (mind you I have no place to go yet.! or If I forego the offer can I stay in the home longer so I have time to get another place?

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Scott Godzyk, Agent, Manchester, NH
Tue Dec 23, 2008
BEST ANSWER
you can ask them for up to 30 days and still get the $1000. be nice to them as your only other choice is to be evicted, do you want to leave on yoru terms or a judges? if you ask nicely you should get the extra 2 weeks. good luck in working things out
Web Reference:  http://www.ScottSellsNH.com
0 votes
Linda Slocum,…, , Santa Clarita, CA
Wed Dec 24, 2008
The standard timeframe for a Cash For Keys (CFK) offer in CA is 30 days, so be sure to ask for that. Also, if they offered you $1,000 as their first offer, you can likely ask (and get) more. Have the agent submit this request for you, and see what happens!

If you decide to stay, you could be liable for legal fees and you'll definitely lose the $1,000, so it could cost you more in the long run. The agreement you were offered does not halt the eviction process, it only keeps the bank from sending law enforcement to your door. They're still working on the eviction behind the scenes in case you don't comply with their request.

The CFK process is geared towards having moveouts without a lot of drama, so be sure to work things out with the listing agent in a friendly manner. You get cash and some time, they get the house clean and in good condition. You'll get your check at the same time you give the agent the keys, and show that the house has been properly cleaned out. You must also leave behind the built-in appliances (typically range, dishwasher, microwave, ovens).

Good luck!
0 votes
Bill Eckler, Agent, Venice, FL
Tue Dec 23, 2008
Mr

This amounts to you leaving with money in yur pocket ot leaving empty handed. As Scott mentioned, playing your cards right coud buy you some additional time..The choice is yours, but any way you slice it, you will be leaving the property.

Best wishes,
0 votes
RENE LABRADO, , Fountain Valley, CA
Tue Dec 23, 2008
Mr,
A cash for keys offer is usually sent to the foreclosure victim by a representative of the lender. The offer consists of asking the homeowners to give up possession of their home voluntarily in exchange for a small sum of money, usually around $500-$1,000. The bank agrees to give the homeowners this small amount to help with moving expenses and put an amicable end to the foreclosure. The bank will certainly keep moving ahead with the foreclosure process until they have regained the home, but they will know that their clients gave the home back. If you refuse to take the money, yes you can stay longer, but at the end you will get evicted and you wont receive any money at all. "Cash for keys" is not the best solution to foreclosure, but it is better than being evicted with no money and no place to go. If you need any more advice please feel free to contact me via Email or Phone.

RENE LABRADO
CENTURY 21 BEACHSIDE
RENE-CENTURY21@HOTMAIL.COM
949-278-4837
0 votes
T.E. & Naima…, Agent, Dallas, TX
Tue Dec 23, 2008
If you don't take the cash, they will file an eviction notice and you will be evicted. They simply are trying to make things smoother so the house doesn't get torn up in the process.

As to whom the money belongs to (you or the actual owner) I will let someone familiar with Californa laws talk about it.

Naima
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