Help with Strategizing Cash for Keys

[JayNorthCA]

We are moving out of our hose on March 11th & auction Date is March 22nd. I don't want to let go the Cash-For-Keys from the bank. I have blinds on most of the windows & where I don't, I plan on keeping the curtains hooked on, so that no one can peep in. I also plan to leave behind door mats & one of the light bulbs in the front switched on. I'll ask my friend next door to check the mail for me every few days on my behalf. I am going to sell everything in the house that I don't planning on taking with me when I move i.e. Refrigerator, Washer/Dryer, etc. Not sure how the cash-for-keys work. Are they going to do some kind of inspection of the home. Visit frequently to check if someone is staying? If they come during the day...it could be for a reason that my wife & I both work & obviously we wont be home at that time. Would they hire a person like a Realtor to visit us in the evening? What are the other things I need to keep in mind? I read somewhere that the realtor would come down the day we move & give the check in hand. if that is the case then we don't stand a chance. Would appreciate your inputs.

Thanks!

[Evan Bedard]

Hey JayNorthCa,

After the sale date your servicer is going to send an agent to your property to verify if it is still being occupied. You will definitely want to keep all the blinds shut and maybe even leave something on your porch such as a plant to make it seem you are still living there.. Keep in consistent touch with your servicer and let them know you will be willing to leave the property before eviction in exchange for cash for keys.. They will give you a certain date as to when everything needs to be out of the property in exchange for the check.. When the agent comes to the property with the check in hand, you can always tell them you moved everything out a few days prior.. There is nothing stopping you from moving out before the accepted date..

[calgirl67]

we just went through cash for keys. Got $3000. Read my recent posts to see my strategy.

[Evan Bedard]

I should have mentioned you Calgirl, you have posted great strategies in regards to negotiating your cash for keys offer:-)

[JayNorthCA]

Great thread Calgirl & Thanks for your responses.
Question: When I move...obviously my neighbour would see me moving out. What if the agent inquiries about me with the neighbours & they disclose that I have moved out? Do they do that generally?

[JayNorthCA]

we just went through cash for keys. Got $3000. Read my recent posts to see my strategy.

Guys. I got a call from the agent for cash 4 keys just now. If I move out in 15 days they are offering me $4070, 30 days --> $3053, 45 days --> $2035. Should I take it or negotiate & counter offer? I have already moved out, but they think I am occupying. So I could counter the 15 days offer. Thoughts?

Thanks,
JayNorthCA

[calgirl67]

Take the $4070 15 day option. Call the agent and tell them you just signed a lease on a rental this morning and you can be out in 15 days.

GET IT ALL IN WRITING or you are screwed if they end up giving you nothing.

Good for you!

[JayNorthCA]

Take the $4070 15 day option. Call the agent and tell them you just signed a lease on a rental this morning and you can be out in 15 days.

GET IT ALL IN WRITING or you are screwed if they end up giving you nothing.

Good for you!

Thanks for your response calgirl. So you think I should not counter the $4070 & ask for more? You think this is good enough? What do they normally do when you counter it? does the process get pushed?, which I dont want it to happen.

[freedomwon]

JayNorthCa - If it were me, I would counter at 6k with the intention of accepting 5k to be out in 15 days. You've got absolutely nothing to lose! Cash for Keys is negotiable. Worst case they say no & you accept their original offer of $4070 to be out in 15 days. I've been out there looking at foreclosed homes on the market over the past nine months, most are stripped & take a minimum investment of $5,000 to make them habitable. (and that's just for materials, not even counting labor).

No need to volunteer you signed a lease elsewhere. Frankly, the real estate could care less whether you have a place to live. I do agree 100 percent with Calgirl67 that you should get it in writing ASAP.

[JayNorthCA]

JayNorthCa - If it were me, I would counter at 6k with the intention of accepting 5k to be out in 15 days. You've got absolutely nothing to lose! Cash for Keys is negotiable. Worst case they say no & you accept their original offer of $4070 to be out in 15 days. I've been out there looking at foreclosed homes on the market over the past nine months, most are stripped & take a minimum investment of $5,000 to make them habitable. (and that's just for materials, not even counting labor).

No need to volunteer you signed a lease elsewhere. Frankly, the real estate could care less whether you have a place to live. I do agree 100 percent with Calgirl67 that you should get it in writing ASAP.

Thanks for your response. What is generally the mode of counter offer Verbal/over the phone or written? I just got the offer today...should I wait couple of days to counter or call them by end of the day? Please advise.

Thanks again

[JayNorthCA]

I just phoned them & counter offered for $6000 & said that the inspection could be done on the 14th day. The agent said that it is highly doubtful that they will accept the $6k. $4k is already a high offer per her. I said that is ok...I would still like to counter it. She is going to put it in the online system & get back to me as soon as she hears back from the bank.

[Evan Bedard]

From other cash for keys offers I have seen 4k is definitely a good offer.. Some have struggled to obtain 2-3k from their servicer for C4K..

[freedomwon]

I agree with Evan that 4k is a good offer. I also believe any good negotiator never uses their highest offer as a starting point. You could very casually tell the agent this scenario could play itself out a number of different ways; however for the 6k you will go away quietly. Your offer still stands to have an inspection on the 14th day once you receive the cash for keys deal in writing.

[G_Sup]

Hi Jay! Actually, I am Jay from SoCal and just went through this process about a month and a half ago. We bought our house in 2005 for $975K and had a $780K note on it. When it came to CFK's they offered me $5600 and I immediately told the Realtor that I wanted 1% of the note. They didn't give me $7,800 but I was able to squeeze out an additional $400.00 out of them. I could of countered again, but I really didn't see the need considering that we were losing everything and at that point we really needed to move on. Oh, BTW... their terms were that I needed to be out in 15 days, I said no way can we move a house this size in that amount of time. We were given 30 days to move out.

In the end, we moved from wine country and lost our dream house. BUT, now we don't have to each commute 1.5 hours a day and we found a killer house to rent on 3.5 acres with an ocean view in Santa Barbara for $2,200 less a month!!!! Woooohooooo!

Good luck Jay in Nocal!

Jay from SoCal signing off!

[Evan Bedard]

In the end, we moved from wine country and lost our dream house. BUT, now we don't have to each commute 1.5 hours a day and we found a killer house to rent on 3.5 acres with an ocean view in Santa Barbara for $2,200 less a month!!!! Woooohooooo!

Wow that is just amazing! I was also staying in wine country a couple years back and the property out there is definitely very expensive! But 3.5 acres in Santa Barbara with an ocean view, you are now living the dream!

[JayNorthCA]

I agree with Evan that 4k is a good offer. I also believe any good negotiator never uses their highest offer as a starting point. You could very casually tell the agent this scenario could play itself out a number of different ways; however for the 6k you will go away quietly. Your offer still stands to have an inspection on the 14th day once you receive the cash for keys deal in writing.

I am getting restless now. I countered day before & I haven't received a call back from the agent yet. I am going to wait till Monday or Tuesday and if they don't call, I am going to call them. I refrain from calling. I don't want to show any desperation. Hope the original offer is still valid.

[JayNorthCA]

Hi Jay! Actually, I am Jay from SoCal and just went through this process about a month and a half ago. We bought our house in 2005 for $975K and had a $780K note on it. When it came to CFK's they offered me $5600 and I immediately told the Realtor that I wanted 1% of the note. They didn't give me $7,800 but I was able to squeeze out an additional $400.00 out of them. I could of countered again, but I really didn't see the need considering that we were losing everything and at that point we really needed to move on. Oh, BTW... their terms were that I needed to be out in 15 days, I said no way can we move a house this size in that amount of time. We were given 30 days to move out.

In the end, we moved from wine country and lost our dream house. BUT, now we don't have to each commute 1.5 hours a day and we found a killer house to rent on 3.5 acres with an ocean view in Santa Barbara for $2,200 less a month!!!! Woooohooooo!

Good luck Jay in Nocal!

Jay from SoCal signing off!

Thanks G_Sup! Congratulation on your awesome rental. Good for you. Njoy!

-JayNorthCA

[freedomwon]

I am getting restless now. I countered day before & I haven't received a call back from the agent yet. I am going to wait till Monday or Tuesday and if they don't call, I am going to call them. I refrain from calling. I don't want to show any desperation. Hope the original offer is still valid.

That's a great plan to hold off till Tuesday if you can. Last thing you want to do is let them know you're anxious. I wouldn't anticipate any reason as to why the original offer wouldn't be valid. Now for the tough part, having patience!

[G_Sup]

Jay, it took a couple of days for them to counter on my counter offer. As Freedomwon suggested, be patient. I had a really cool local realtor which I know wasn't on my side, but had also recently lost a house and was somewhat empathetic to my cause. BTW... my repo'd house just went on the market for $640k, which is $335k less than what we bought it for. I really hate CHASE. And thanks Evan and Jay for your comments!

[Evan Bedard]

No problem G_Sup!

Jay - How are things coming along with the offer, did you ever hear anything back?

[G_Sup]

I've been coming back every other day to see what finally happened to Jay in NoCal! He's probably busy with "moving on" as I was as well! Anyway, my house, or should I say "old" house, was sold in a matter of a couple of weeks after it went on the market. Still checking public records for the exact sale amount but I'm guessing around $600K. Our neighbors and "great Friends" (so I thought) have their house for sale at $855K for a house that is basically identical to ours. They won't return our phone calls. Oh well....

[freedomwon]

JayNorthCa - Just following up with you to see where your c4k's offer ended up. I can only imagine since we haven't heard from you in several weeks you've gotten busy moving & unpacking. Do let us know what happened.

G_Sup - I've seen many posters here disappear once their situation has come to a head. It's just the nature of the beast I suppose. People feel the need to move forward in a positive direction & don't want to be reminded of such a dark time in their life.

That's a shame about your neighbors. People are funny that way sometimes. Seemed like "great friends" but once you moved, it's a different story. Also, some people just get WEIRD around the subject of money & exhibit strange behavior.

[G_Sup]

Hi Freedomwon, I agree with you on the Neighbors. They were very close friends however they were (are) trying to sell their house at the same time we were foreclosing... which of course put a wrench in their spoke considering they are asking $855 and ours is at $640k. Not sure why they are so set on moving during these hard times as they are well off. The comp of my old house is going to kill their efforts for sure considering that it IS the same house as far as floor model (just reversed). Bottom line is that they are asking way too much anyway, but you really can't tell people that.

I also agree with what you said about people moving on in regards to the forums. I still like to lurk, as I think these forums really reflect the sign of the times. Hopefully things will get better for all in the not too distant future.

Tale Care!

Jay (In SoCal)

[JayNorthCA]

JayNorthCa - Just following up with you to see where your c4k's offer ended up. I can only imagine since we haven't heard from you in several weeks you've gotten busy moving & unpacking. Do let us know what happened.

G_Sup - I've seen many posters here disappear once their situation has come to a head. It's just the nature of the beast I suppose. People feel the need to move forward in a positive direction & don't want to be reminded of such a dark time in their life.

That's a shame about your neighbors. People are funny that way sometimes. Seemed like "great friends" but once you moved, it's a different story. Also, some people just get WEIRD around the subject of money & exhibit strange behavior.

Hi Guys,
I am back. Sorry for not responding sooner. I was travelling. My c4k offer ended well. Well the bank didn't accept my counter of $6k but honored the original offer of $4070 if I moved out in 15 days. I had cleaned up the house so well that my inspection was over in less than 5 minutes. Received the live check & I was on my way. I got a lil emotional when I handed the keys over to the agent. Oh well.

Regards,
JayNorthCA

[freedomwon]

JayNorthCa - Thanks for reporting back & letting us know how the c4k's worked out for you. Glad to hear you got the original offer. I had hoped you'd get more, but you still did o.k.

Now you can move forward & start a new chapter in your life. Wishing you all the best!

[noonie]

We just completed our C4K.. $8,000 for 15 days! We are just amazed. We did not counter. Our neighbors helped by affirming they saw us come and go.. We kept the grass watered, trimmed, kept all mail and flyers picked up, utilities on, we are so glad it is over!!!!

[freedomwon]

noonie - Congratulations on C4K's. $8,000 WOW! I'd say you did real good. May I ask what the balance is on your 1st mortgage? Once upon a time members here were reporting up to 1 percent of the loan amount on the first. Just curious if that's in line with what you got or if what you got is significantly more.

What about the language on the papers you had to sign in exchange for C4K's. Did you have to waive any rights to future law suits against the bank?

[noonie]

our balance on the first was 460k, so no.. it was way more than 1% of even the first plus the second. The house and yard was in really good shape (i.e. GREEN lawn, etc), so that might have been a factor. All the papers said was that it had to be broom clean and hand over keys, garage door openers, and remove personal property. No rights waived. Had to fill out W-9s and a contact information form, on which the bank's realtor told us to put the address of the FC house. I think it depends upon the realtor put in charge of the C4K and his recommendations. He was very friendly and pulled no tricks, and spoke as though he negotiated the higher payment for us. I am just so glad it's really over.

[freedomwon]

Noonie - I can see why your so excited. This is a much larger amount than members have previously reported. I'd say you did great on this deal. If I remember right, you moved back in January because you find an ideal house in your same neighborhood. What a relief that this is now over and you can move on with your life!

[Sleepless in Atlanta]

Jay, Calgirl, Noonie - THANK YOU for posting and also giving me hope. Congratulations to you all!
I too am in need of a bit of strategy... I filed for chapter 7 and just had my 'meeting of creditors'. Yay, no one showed for me! (Got nervous- the guy before me had 2 show up and drill him...)

I am not reaffirming the house and have actually moved out for the most part- still have some things there that will eventually go in storage. Just got a letter from mortgage attorney telling me they have filed a Motion of Relief from the Automatic Stay and the hearing date is in a couple weeks. I also got a seperate letter from a woman at Wells fargo telling me she would be my point of contact should I want to discuss workout options. (where was she the past couple years!!)

I am not sure when to approach the cash for keys idea with them. Do I wait until a foreclosure date is set / happens, or should I call this WF woman and ask now?

[G_Sup]

Sleepless, The CFK is usually approached to you by a realtor that is representing the bank AFTER foreclosure has occurred. At least that was what happened in my case.

[marvelrules]

So I should prob leave phone on and electricity?July7th is end of NOD and hopefully I'll get sale date this month. I have been moving out slowly and was thinking of full move June 20th. Now I'm thinking I should hang, but living in 2 places at same time is difficult.

Sleepless, The CFK is usually approached to you by a realtor that is representing the bank AFTER foreclosure has occurred. At least that was what happened in my case.

[freedomwon]

marvelrules - Many times the sale date can get postponed, so it may not happen when it's scheduled to. In the meantime you could continue "occupying" the property.

[marvelrules]

I'm ready, done, been fighting,hope, no hope, gave up and finally gave in. New place all set been fighting 2+ years want out and move on.lol But if I have the opportunity to take a jab back I WANT TO

marvelrules - Many times the sale date can get postponed, so it may not happen when it's scheduled to. In the meantime you could continue "occupying" the property.

[freedomwon]

I understand. A person can only tolerate so much! I've remained in my home for a year beyond my first NOTS. It's not easy though & this has taken it's toll on my health.

[marvelrules]

I'm with ya, type 1 insulin dependant 28 years. Just had hip surgery, need bifocals and found out i'm going to be a grandparent. I'm tired of fighting anything.

[freedomwon]

Congratulations on the wonderful news of being a grandparent. That certainly makes for a good distraction & gives you something positive to look forward to. As for your other health issues, you've got some challenges for sure. I wish you the best as begin this new chapter in your life!

[Sleepless in Atlanta]

Sleepless, The CFK is usually approached to you by a realtor that is representing the bank AFTER foreclosure has occurred. At least that was what happened in my case.

thank you G_Sup... guess I will wait to see what happens. fingers crossed.