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What condition does the home have to be in for Cash for Keys?

The Cash for Keys program is a win-win situation for the foreclosed homeowner and the bank, as it rewards the homeowner for keeping things tidy and working with the bank and it keeps the bank's asset (the home) in good condition. With that being said, what is the starting point for Cash for Keys?

Well, it's simple -- your home must be in good condition to start. If you've already stripped it or if there are excessive repairs to be made, the banks might not want to negotiate. As their asset has already been damaged, and the thing that they're protecting against (additional repairs) is already null and void.

With that in mind, let's use that as a starting point, but remember that you have to keep it up in order to actually claim your prize. Cash for Keys offers usually include clauses that protect the home from vandalizing, stripping (wiring, fixed appliances, fixtures), even the threat of leaving pets behind.

A short aside -- if you can't take your pet with you, please find a good rescue organization to take them in. You wouldn't want to be tossed into a vacant lot to fend for yourself, and neither does your pet. Do the right thing and talk with a no-kill shelter or, at the very least, the SPCA. It'll earn your good karma for the day.

Ok, back to Cash for Keys. So, your home should be in good condition and you must do your part to keep it up. Any violation of the specific items listed in the agreement (and be sure to read the fine print) means that you won't get your payment. Simple as that.

Remember, this is all about keeping the home in a good condition for resale. If the bank feels that it's not at that level, the offer simply might not happen.

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.


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