Legal Question in Real Estate Law in California
cash for key's
the property where i have been renting for the past 6 mos is being repossessed by the bank. the broker is offering us cash for keys, and wants us to be out in 2 weeks. is there a normal amount we should recieve? any info you can supply would be greatley appreciated. Thank you.
3 Answers from Attorneys
Re: cash for key's
The sooner you can get out, the more money you can ask for. Good luck!
Re: cash for key's
There is no standard for determining how much they can or should pay you to leave. You will be evicted, so Mr. Cohen is correct that the sooner you leave, the more valuable it is to the bank. They will spend roughly $1,500 and perhaps (at the very longest) as long as a month evicting you, so work from that and see what you can negotiate.
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Re: cash for key's
No, as they owe you nothing. They are offering you money because they will have to go to court and evict you if you don't leave and it is cheaper and quicker if they do it this way. Please be aware however, that demanding more can backfire...I have had clients tell me that they would rather spend the money to evict than to capitulate to extortion.