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The WORD for Today is: Cash-for-Keys:
Cash-for-Keys is a common practice utilized by representatives of lenders or guarantors who are attempting to facilitate the vacating of a recently foreclosed property. A sum of money ($500-$1000 is common) may be offered to the former owner of the home or a tenant who has not left the property by the date of the sheriff’s sale. They will usually be asked to sign an agreement to leave the home totally empty, state a specific date and is binding only if signed by both parties.
Has become a common practice in the foreclosure business where a REALTOR or other representative of the servicer who is processing a home which has been lost through foreclosure will offer to pay the consumer (still residing in the house) an amount of cash to vacate and turn over the keys after cleaning out the house. There are occasions when cash-for-keys may be offered to a tenant who is the occupant. This practice generally benefits the lender or servicer by helping them to gain possession faster than they would by utilizing a forceful eviction as well as the financial benefit of having the consumer agree to leave the property clear of all personal belongings and debris. The consumer benefits by having an additional sum of money to help them with expenses needed to move or pay a deposit on their next residence. A consumer might expect between $500.00 to $1000.00 depending on their circumstances, the part of the country where the home is located and the particulars of this specific file. There is no automatic. They will usually be asked to sign an agreement to leave the home totally empty, state a specific date and amount being offered. Such an agreement is not binding unless it is written and signed by the lender or the representative-agent-who is operating on their behalf. It is always in your best interest as a consumer to get such an offer in writing.
© Copyright 2008, Home Ownership Matters, LLC. All Rights Reserved.
You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.
(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)
Cash-for-Keys is a common practice utilized by representatives of lenders or guarantors who are attempting to facilitate the vacating of a recently foreclosed property. A sum of money ($500-$1000 is common) may be offered to the former owner of the home or a tenant who has not left the property by the date of the sheriff’s sale. They will usually be asked to sign an agreement to leave the home totally empty, state a specific date and is binding only if signed by both parties.
Has become a common practice in the foreclosure business where a REALTOR or other representative of the servicer who is processing a home which has been lost through foreclosure will offer to pay the consumer (still residing in the house) an amount of cash to vacate and turn over the keys after cleaning out the house. There are occasions when cash-for-keys may be offered to a tenant who is the occupant. This practice generally benefits the lender or servicer by helping them to gain possession faster than they would by utilizing a forceful eviction as well as the financial benefit of having the consumer agree to leave the property clear of all personal belongings and debris. The consumer benefits by having an additional sum of money to help them with expenses needed to move or pay a deposit on their next residence. A consumer might expect between $500.00 to $1000.00 depending on their circumstances, the part of the country where the home is located and the particulars of this specific file. There is no automatic. They will usually be asked to sign an agreement to leave the home totally empty, state a specific date and amount being offered. Such an agreement is not binding unless it is written and signed by the lender or the representative-agent-who is operating on their behalf. It is always in your best interest as a consumer to get such an offer in writing.
© Copyright 2008, Home Ownership Matters, LLC. All Rights Reserved.
You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.
(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)
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