The home we rent was forclosed and sold. We were told our lease is no longer in effect and we need to move now. Cash for keys offered. What do I do?

Asked by Crystal, Placerville, CA Tue Apr 24, 2012

We need money for deposit, if we can even find a place to rent in 3 weeks.

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4
Steven Ornel…, Agent, Fremont, CA
Tue Apr 24, 2012
Crystal:

As a Renter with a lease you should also be aware of the following informational sources/links:

CA's "Protecting Tenants at Foreclosure Act" - need to know info!
http://www.trulia.com/blog/steve_ornellas_mba_re_mastersgri/…

Specifically, you will note that "Tenants can insist on staying until the end of their leases. The only exception occurs when the new owner of a single-family home wants to move in."

-Steve
0 votes
Morgan Larson, Agent, Folsom, CA
Tue Apr 24, 2012
Sorry to hear you got the boot unexpectedly. It's really a bummer when landlords aren't courteous enough to let their tenants know that foreclosure proceedings have begun and that they will need to move out.

Though it's sudden, it might be easiest to take the cash for keys. Yes, you could fight this using an attorney. But it might cost more and be more trouble than just moving on.

Maybe you could use that cash to buy a home?

Good luck, and best wishes.
0 votes
Scott Goold, , Placerville, CA
Tue Apr 24, 2012
Your lease is probably still in effect if it was not a month to month tenancy. In other words if you had a long term lease, it has to be honored or negociated. If it was a month to month, you might be better off with cash for keys. I would have to know more about the situation Call me at 530-722-5702 and I can give you further info once I know all the details..

Scott
0 votes
Jessica Peer…, , Placerville, CA
Tue Apr 24, 2012
Unfortunately, your lease is no longer valid now that there is a new owner. It's typical for cash for keys to be offered. Sometimes you can negotiate the terms if you need a little more time. They are not obligated to comply with your request. For specific legal tenant rights, I would reccommend consulting an attorney. However, if you can work with the cash for keys offered, it might help you with your moving expenses. It's tough out there right now and we see this a lot in our industry. I hope it all works out for you. Good luck!
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