Getting "cash for keys" for your bank-foreclosed home involves reaching an agreement with the bank and fulfilling set terms and conditions. Once the bank is satisfied you have fulfilled your part of the agreement, it pays you either directly or through a real estate agent.
- Talk to the bank representative about the offer
A bank-appointed agent might contact you with the offer. However, if the offer is not forthcoming, be sure to ask the bank representative in charge of your home foreclosure. Set a meeting with the representative to have them explain the offer to you.
- Sign the "cash for keys" agreement
Read and understand the terms and conditions before signing the contract. Keep a signed copy of the agreement for your reference.
- Vacate the house on the agreed date
Move out on the agreed date. Follow all conditions to the letter. If you do not comply with the agreement, the bank may withdraw the offer.
- Allow for the house to be inspected
Alert the service representative when you move out. Give them a week or so to inspect the house. You may need to be present on the day of inspection. Once the bank is satisfied with the condition of the house, it will pay you directly or via a cheque through its representative.