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  • June 30, 2010 at 9:15 PM #17656
    svelte
    Participant

    I got a call from a friend in northern Calif today…he said he signed a 1 year lease on a house 3 months ago, and the landlord called today and wants to sell the house.

    In the city where he lives, it is unlikely the home will be bought by an investor who wants to rent it – it will probably be bought by someone who wants to live in it.

    He is understandably unhappy and had a few questions for me. I’m hoping you all can assist me in answering him.

    I found this thread:

    http://piggington.com/owner_selling_and_renter039s_rights

    and it was very helpful with respect to 24 hr notice, no lockbox, and M-F 9-5.

    but it begs a few additional questions:

    (1) is it common for landlords or new owners to offer a “cash for keys” to the tenant, similar to what banks do with foreclosures?

    (2) what would be a reasonable or typical “cash for keys” amount?

    (3) how would one go about ensuring the landlord / new owner followed through with the promised cash? Would an escrow account be used?

    June 30, 2010 at 9:40 PM #574213
    sdrealtor
    Participant

    If the landlord wants to sell and needs to get him out, the landlord should pay him to leave early or he has the right to stay. I dotn know what his costs would be but if the landlord is making a nice profit he should have no problem coming up with a nice bump for your friend.

    June 30, 2010 at 9:40 PM #575239
    sdrealtor
    Participant

    If the landlord wants to sell and needs to get him out, the landlord should pay him to leave early or he has the right to stay. I dotn know what his costs would be but if the landlord is making a nice profit he should have no problem coming up with a nice bump for your friend.

    June 30, 2010 at 9:40 PM #574939
    sdrealtor
    Participant

    If the landlord wants to sell and needs to get him out, the landlord should pay him to leave early or he has the right to stay. I dotn know what his costs would be but if the landlord is making a nice profit he should have no problem coming up with a nice bump for your friend.

    June 30, 2010 at 9:40 PM #574310
    sdrealtor
    Participant

    If the landlord wants to sell and needs to get him out, the landlord should pay him to leave early or he has the right to stay. I dotn know what his costs would be but if the landlord is making a nice profit he should have no problem coming up with a nice bump for your friend.

    June 30, 2010 at 9:40 PM #574833
    sdrealtor
    Participant

    If the landlord wants to sell and needs to get him out, the landlord should pay him to leave early or he has the right to stay. I dotn know what his costs would be but if the landlord is making a nice profit he should have no problem coming up with a nice bump for your friend.

    July 1, 2010 at 6:21 AM #574991
    SD Realtor
    Participant

    We have offered cash for keys before and each case varies with the tenant, current rent, our motivation to get them out etc… Your friend simply needs to look over the lease because the new owner must abide by it. In short there may be a new landlord but all the terms of the lease are the same so your friend is okay. Also with regards to showings and such, the lease should specify what can and cannot occur with regards to marketing the property. In “general” a 24 hour notice is required but leases vary.

    July 1, 2010 at 6:21 AM #575290
    SD Realtor
    Participant

    We have offered cash for keys before and each case varies with the tenant, current rent, our motivation to get them out etc… Your friend simply needs to look over the lease because the new owner must abide by it. In short there may be a new landlord but all the terms of the lease are the same so your friend is okay. Also with regards to showings and such, the lease should specify what can and cannot occur with regards to marketing the property. In “general” a 24 hour notice is required but leases vary.

    July 1, 2010 at 6:21 AM #574885
    SD Realtor
    Participant

    We have offered cash for keys before and each case varies with the tenant, current rent, our motivation to get them out etc… Your friend simply needs to look over the lease because the new owner must abide by it. In short there may be a new landlord but all the terms of the lease are the same so your friend is okay. Also with regards to showings and such, the lease should specify what can and cannot occur with regards to marketing the property. In “general” a 24 hour notice is required but leases vary.

    July 1, 2010 at 6:21 AM #574362
    SD Realtor
    Participant

    We have offered cash for keys before and each case varies with the tenant, current rent, our motivation to get them out etc… Your friend simply needs to look over the lease because the new owner must abide by it. In short there may be a new landlord but all the terms of the lease are the same so your friend is okay. Also with regards to showings and such, the lease should specify what can and cannot occur with regards to marketing the property. In “general” a 24 hour notice is required but leases vary.

    July 1, 2010 at 6:21 AM #574264
    SD Realtor
    Participant

    We have offered cash for keys before and each case varies with the tenant, current rent, our motivation to get them out etc… Your friend simply needs to look over the lease because the new owner must abide by it. In short there may be a new landlord but all the terms of the lease are the same so your friend is okay. Also with regards to showings and such, the lease should specify what can and cannot occur with regards to marketing the property. In “general” a 24 hour notice is required but leases vary.

    July 1, 2010 at 7:43 AM #574284
    DataAgent
    Participant

    Most owners will not pay any ‘cash for keys’ amount. They want someone in their property paying rent while they sell the property.

    July 1, 2010 at 7:43 AM #575011
    DataAgent
    Participant

    Most owners will not pay any ‘cash for keys’ amount. They want someone in their property paying rent while they sell the property.

    July 1, 2010 at 7:43 AM #574905
    DataAgent
    Participant

    Most owners will not pay any ‘cash for keys’ amount. They want someone in their property paying rent while they sell the property.

    July 1, 2010 at 7:43 AM #575310
    DataAgent
    Participant

    Most owners will not pay any ‘cash for keys’ amount. They want someone in their property paying rent while they sell the property.

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