What is Cash For Keys?
If foreclosure is imminent, some investors are willing to offer “Cash for Keys,” whereby the investor will actually pay you to vacate the home in a timely fashion. The money you receive in exchange is intended to pay for your relocation costs.
Cash for Keys is also a great option if the home is already vacant or if you are planning on moving out shortly after the auction date. This process allows you to sign over your redemption rights in exchange for monetary compensation. Said compensation rates vary depending on property type, location, condition and needs. Often the cash is paid upon or after you vacate the property and at the same time the deed is conveyed.