Don't I need to wait for a bank document of some other official document before signing a keys for cash contract? I

Asked by Ydamian, Long Beach, CA Sat Sep 3, 2011

My property was sold on auction sale on 08/31/11, the same day a lady representing the company that bought the house showed up at my house and offered the "keys for cash". Don't I need to get some type of official/certified document from somewhere? The lady said it would take them a week to get an official document and she just wanted to give us more time by letting us know that the property was bought at auction, instead of showing up a week later with the certified document. I just feel that I could use that extra week and then negotiate the "keys for cash". Please advice.

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Paul Wainwri…, Agent, Pittsfield, MA
Sun Sep 4, 2011
You should, indeed wait for the official document before you move out & pass over the keys and you may be able to negotiate the offer. The Lady is basically starting the process with you. Cooperating with her will be a win win situation. Feel free to tell her you need a little more money to make the move. You might even be able to ask for a little extra time if necessary. Just make sure you do it before you sign the agreement.
1 vote
Julia King, , Long Beach, CA
Sat Sep 3, 2011
No! The bank via an agent will give you a Move Out Agreement, Personal Property Release and a W9. Once those documents are signed and returned to the bank they will issue you a check...that is what I am familiar with at least...maybe your bank is different. You can ask for more time too...they might lower the cash amount though...or, maybe not.

Julia King, CDPE, SFR
Certified Distressed Property Expert, Short Sale Foreclosure Resource
RE/MAX College Park Realty
T: 562.972.5464 (KING)
F: 562.684.4737
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John Arendsen, Agent, Leucadia, CA
Sat Sep 3, 2011
My friend if they have cash to give you and it's a reputable bank. I'd certainly wouldn't think about giving them the keys. Cash is king. Ask her if she would throw in the moving expenses if you move out now. Nothing ventured nothing gained.
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