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What can I take when i accept Cash for Keys?

So you've negotiated your Cash for Keys agreement, found a new place to live, and you're ready to move on to the next chapter of your life. During the packing process, you might look at your home and wonder what you can exactly take with you.

For starters, what's yours is yours. Any furniture, free-standing appliances, or personal belongings are yours. Pack them up into the moving truck; there's no question about that. Definite no-nos are wiring, the furnace, plumbing, and things of it’s class. Basically, anything that involves tearing something out of the wall is off limits.

Wait a minute, you might say, I put in those new counters and cabinets to increase the home value! And I bought a new water heater and that new-flush toilet! Why can't I take those with me?

Well, even if you invested in those things, anything that's physically attached to the home falls into a gray area. And based on the agreement you signed, removing those things -- even if you purchased and installed the upgrades yourself -- might actually violate the terms of the agreement. If it's something that can easily and discreetly be replaced, then that's a moral judgment you will have to make. For example, if there's a chandelier that you bought and want to keep, you can take it if you cleanly un-install it and you replace the fixture with one from the hardware store. That's up to you. However, if it's a situation that will be very noticeable when inspections come around, you'll have to think twice.

If you feel there are things that you should be entitled to take with you because you put the time and money into it, you should talk with the REO agent and politely express your opinion. It's best to do this BEFORE you sign anything, as you can use this as a bargaining chip on your Cash for Keys offer. Still, if you've already signed the offer, contact the the REO agent and see what can be done. If you're polite and professional about it, there's a good chance they'll be receptive.

Israel Gonzalez

Real Estate Broker



Click here to contact me by email.

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

Posted: Thursday, March 11, 2010 11:58 AM by Israel and Rachel Gonzalez


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# May 7, 2018 1:09 AM
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