How to Get Cash for Keys During a Foreclosure

There are some tenants that you can just tell are angling to get cash for keys.

Those types are often snarly, combative and act as though the world owes them big-time for their mere presence in it. I've met a few tenants like that, and more often than not, they're the ones who haven't paid rent for several months. They know that the home owners can't afford to evict them because the owners can't even afford to make their mortgage payments. Far as I'm concerned, those types of tenants don't deserve cash for keys, but they often get it anyway.

Then, there are the tenants who are truly victims of a foreclosure. I called such a tenant last month to let him know the property had been sold on a short sale and suggested he quickly move before his credit was threatened by an eviction process. Because he had little success in finding a place, I made a few calls to agents whose clients owned rentals in his area and was able to negotiate an affordable price for this tenant and a fast occupancy. By CA law, tenants must be given written notice, but the short sale happened so quickly, the seller didn't have time to provide it. If the tenant had refused to cooperate, he could have stayed in the home for another 60 days or demanded money to vacate . . . read more about Cash for Keys.

More Articles by Elizabeth Weintraub:

• Stripping Homes in Foreclosure
  
• 12 Ways to Find a Down Payment
  
• Pros and Cons to Downsizing Your Home

_{©Big Stock Photo}

Technorati tag: cash for keys