Helping Homeowners Avoid Foreclosure in Roseville and Sacramento

What Does the Term Cash For Keys Mean and Are There Any Incentives for Completing a Short Sale on my Home?

Posted on Jun 29, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone, this is Mark Peek at Keller Williams Real Estate, your Roseville and Sacramento short sale specialists. I wanted to talk today about a question I get commonly asked about and that is if they complete a short sale, will they get cash for keys? Cash for keys is a term that was used in the days of foreclosures and is still being used today. So if your house is foreclosed on, and the bank has taken possession, at this point they want to try and get the former owner or the tenant out of the property. At that time, they may and they didn’t always do this, but most banks and lenders did offer cash for keys and still do. This is only in the case of foreclosure sales.

If you are completing a short sale, there is a potential incentive to complete a short sale so you could almost call it cash for keys. Many lenders are offering this, not all do, and it’s not a guarantee. There are different programs out there whether it’s Bank of America’s Cooperative Short Sale or HAFA short sales. Some other banks like HSBC have their own proprietary and Wachovia has the seller relocation incentives for completing a short sale.

Again, I’m Mark Peek with Keller Williams, your Roseville and Sacramento short sale specialist and I am here to help. So if relocation funds are an absolute necessity to you in order to relocate and complete a short sale, call me today. I would be happy to check to find out what bank you have and see what programs you might actually qualify for. Again, it is very similar to cash for keys but it is just basically a relocation incentive when it is applied to short sales. If you have any questions, feel free to give me a call or send me an email. You can click the start here button at the top of our webpage and I’ll be happy to follow up with you. Thanks and have a great day.

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