How much time do you have to move out with Cash for Keys?

A Cash for Keys offer usually comes with a set move-out date. Just like the actual dollar amount involved, this date can be negotiable — but it must happen before you sign on the dotted line. Once the date has been agreed to and your signature is on paperwork, you must abide by it.

The trick is to negotiate the move-out date when the Cash for Keys offer is made. Remember, the bank wants to keep the home tidy and ready for resale. They will wait a couple of weeks — maybe a little more — if they know that you are willing to do your part and keep it neat. With that in mind, you can usually extend the offer by a good amount (though be prepared for an initial offer of as short as two weeks). Also, keep in mind the bank usually initiates legal eviction as soon as occupancy has been noted by an agent with their attorney, so time is of the essence.

Of course, you have to hold up your end of the bargain. These offers usually explicitly state that the homeowner must keep things neat, leave appliances in tact, and leave fixtures. Those sorts of things are the crux of the whole thing, and from the bank’s perspective, it makes sense as those types of repairs would affect the resale process.

So, knowing this, it’s very simple to say that you need more time to pack up everything safely for a clean, neat home. You could also realistically need more time finding a new home to move to, storage space, or the logistics of turning your life upside down when you lose a home. As with negotiating for the financial side of things, be sure to provide documentation and evidence about your hard-luck reasons — and absolutely always be polite and professional.

We hear many stories of foreclosed homes stripped to the bone in difficult situations. REO managers have a lot on their plate, and the thing that makes their lives easier is when a foreclosed homeowner is willing to work with them for mutual benefit. Be kind, and you’ll usually find the behavior appropriately returned at the negotiating table.

Israel Gonzalez
Real Estate Broker
831-636-8858
www.bestreohomes.com

The views published here are the opinions of the writer and are not a substitute for legal counsel.