Post Foreclosure Options for Lenders
Cash For Keys:
The bank may offer the occupant(s) of the property a specified amount of money in exchange for vacating the property and leaving it free and clear of personal property and trash. This option is usually less time consuming and less expensive than an eviction however the occupant(s) must agree to it.
Often times the banks only option is to evict the occupants. The timeline and cost for evictions can differ depending on what county the property is located in and who the property is occupied by. Our office and the attorneys that we use are very skilled with both tenant occupied and former owner occupied evictions. Some counties such as Los Angeles County and its unincorporated areas have very specific laws concerning tenants. We are also very well versed in these laws and can walk you through your options as well as the procedures step by step..
If the property is tenant occupied, the bank may continue to rent to the current tenants while trying to sell the property. If the tenants are cooperative, this may be the best course of action if the property is a duplex or multi-unit home. In some counties, the bank is required to honor the current lease or continue to rent month to month to the current tenants as long as certain criteria is met. Our office is able to help you determine if the lender must continue to honor the lease or if they may move forward with an eviction.
Once the lender has title to and physical possession of the property, a standard sale is usually the best option and end result for the bank as most lenders do not want to be landlords and want the bad assets off the books as soon as possible. Our highly skilled network of agents and brokers specialize specifically in bank owned properties. Our main goal is to get the bank the most amount of money and get the property sold in the shortest amount of time.
S.B.S. and our sister company Platinum Real Estate Network, Inc. are happy to help you with all of your post foreclosure needs.