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How much do banks give for Cash for Keys?

When preparing to move out following a foreclosure notice, you might be able to get a little financial boost that smooths over your transition between homes thanks to the Cash for Keys program. Not everyone will get a Cash for Keys offer (it’s up to the discretion of the bank), but if the home is in good shape and the bank wants to keep it that way, it’s in their best interest to make this offer.

Now, how much can you actually get with Cash for Keys? It depends on each bank, and it may even come down to the specific person looking at your file. The final number could be a percentage of your home’s value or just a flat number attached with a move-out date.

The good news, though, is that these offers are usually negotiable up to a reasonable amount for both time and money. Remember, if the bank makes this offer to you, it’s basically a gesture of good will to keep you from stripping the house or leaving it in disrepair. (Some might call it a bribe.) The offer might be low, even something like $500 and two – three weeks to get out. You can politely emphasize your need for additional money and/or time — but be sure that these things come with justifications, and present them in a professional manner.

The bottom line is that you must negotiate before you agree to anything. Once the papers have been signed and sealed, there’s no turning back. Be reasonable, be polite, and be informed, and you should find a willing partner to dance with.

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.

Posted: Monday, March 22, 2010 12:30 PM by Israel and Rachel Gonzalez

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