On Monday, we spoke about cash for keys–an amount that a bank may be willing to pay if homeowners or tenant agree to turn over keys of a foreclosed property and leave it in an acceptable condition.
Acceptable condition includes leaving the property fairly clean, not leaving things like old furniture behind, and leaving fixtures in place.
You may be wondering just how much a bank will give under a “cash for keys” arrangement. This can vary. If you want to negotiate “cash for keys” agreement consider these expenses:
-the cost of temporary living arrangements
-paying movers or renting a moving truck
-deposits you will pay for utilities (phone, etc.) at a new residence
-security deposit or first and last month’s rent
In some instances, a bank will be willing to increase a “cash for keys” payment if occupants move out immediately. No one is guaranteed “cash for keys,” so if you want to make this kind of arrangement, do not approach a bank as if you are owed. Rather, politely ask if they will consider it.
