If you are seeking for cash for keys in a short sale, it is first advised to learn about both, i.e. cash for keys and short sale in detail. Thus, before you make any hurried decisions, have a sneak peek here;
What is cash for keys?
The biggest challenge for a new owner after getting a home at foreclosure is to make the occupants of the property leave. The occupants can either be the previous owners, or tenants. However, cash for keys is a process to simplify your problems.
Yes, it is one of the quickest and most effective ways to get the occupants out of the property. Here the new owner will be paying the current occupant a specified sum of money and the occupant will completely vacate the property within a certain time frame in return.
Meanwhile, it is the occupant’s responsibility to maintain the property. They are expected to leave the property in a clean and damage free condition.
What is a short sale?
When it is about transferring a home from a distressed seller to a qualified buyer, short sales in California can be helpful. Basically, it allows the householders to escape foreclosure. How?
It is simple; you can sell your home for less than you owe on it. Providing protection to the sellers from possible legal repercussions, it frees both seller and buyers from using real estate lawyers in the transaction. However, in case of complicated sales, seeking clarification can be a good idea.
Now, when you are known to both the terms, it is time to find an answer for your questionâ€¦
Is cash for keys accessible for short sale?
Well, cash for keys is not a ‘definite’ thing in a short sale. The reason behind is that the short sales are negotiated agreements with the lender, meanwhile there in no obligation to make them enter into this negotiation. However, short sales are preferred because it turns out to be a better option than foreclosure.
In general a creditor can ask the debtor to bring up an acceptable short sale, in exchange of which the creditor would pay some specified amount from the closing.
Clearly speaking, a short sale works great for the banks and mortgage companies. As far as the realtors are considered, they are in favor as they generate commissions. But for the debtors, short sale might not be a great idea. Hence, careful analysis of the situation is highly essential.