Re: cash for keys

Posted by steele in minnesota on September 27, 2008 at 16:00:22:

In Reply to: Re: cash for keys posted by Lisa on September 27, 2008 at 13:10:40:

As with all things dealing with foreclosures the timetable is state specific. In 14 states including my own there is a redemption period. Here we typically have a six month waiting period from time of sheriff sale until redemption is over and then and only then can the bank (if the auction "winner") claim full ownership. They will then determine if the property is still occupied. If it is they will have to start the eviction process and this is not instantanous. Now, it varies from area to area. From a few days to 30 days to 60. With longer timeframes a cash for keys might be a good thing to offer. Also as the property will be left in good condition that in itself can make the CFKs an alternative of choice. A lot of damage can occur to a property right before people are evicted.

Maybe your area is different. Maybe the sale is over at 11:00 am and the sheriff is pulling up in the driveway later that day. But I doubt it. Usually evictions take at least a few days.

Make sense?

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