CA foreclosure wells fargo cash for keys question

[BROKEDED]

Well, our foreclosure process is now complete. We met with the realtor over the weekend and did a walk through, he handed us the check and we handed him our keys and garage door remotes and it was all done in a matter of 10 minutes, maybe less. We were offered $5500 to be out of the house by 1/3. We were also offered about a thousand dollars less for every 2 weeks pushed out from the initial date, but we had already found a rental and were partially moved out, so we decided on the earliest date for the most money. It still gave us about 2 1/2 weeks from the date of the offer. The realtor didn't know that we had already found a place, but I don't think it really mattered. The home still looked occupied and that's what counted. We definitely needed the extra time to get all our things out and sweep up. We were surprised to be offered as much as we were and were thankful for it. We are so glad to have this all behind us and can start moving ahead and rebuilding. I think the hardest part about all of this is the not knowing and lack of readily available information. I hope our story helps someone going through the process.

Awesome! Glad to see you were offered so much money. Do you mind telling which bank the CFKs was offered through? Was it a Fannie or Freddie loan?

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I have a hole in the wall it is in the garage was cause by water leakage from the bathroom upstairs, and termites issue with the back yard patio. I did not have the money to have these repairs before I filed ch7. Does this will be an issue if I am to asking for cash for key? My lender is with Chase. Thank you.

Drywall would be a fairly simple fix if it were an issue. I don't know if there are any disclosure rules/laws that apply in a foreclosure. I would assume, in most states, you would have to disclose known termite problems if you were selling it but not sure if you are surrendering it in foreclosure.

[newdaytoday]

It was through Wells Fargo. Not a Fannie or Freddie loan. That's what makes the amount so surprising to me.

[BROKEDED]

It was through Wells Fargo. Not a Fannie or Freddie loan. That's what makes the amount so surprising to me.

Yes, very surprising. Have you checked Fannie or Freddie to make sure?

http://www.fanniemae.com/loanlookup/

https://ww3.freddiemac.com/corporate/

A loan broker friend of mine talked to a couple of guys, one that works for WF, that said that $3k was the most that was offered and usually between $2-3k. I told him today that I knew that was a lie due to your offer. I'm just trying to figure out the rhyme or reason behind amounts offered or counter offers agreed upon. I read comments from a RE agent on another site who said she'd never seen a counter offer declined from a Fannie or Freddie owned loan.

You would think bank only offers would be lower than Fannie/Freddie backed loans. But I wonder if housing markets or even individual houses and neighborhoods don't figure into it along with potential resale price?

[newdaytoday]

Yes, I did check Fannie and Freddie. As a matter of fact, I checked them prior to receiving an offer from WF because I was hoping it was backed by Freddie or Fannie after hearing that WF doesn't always offer CFK. It may be due to the size of the house and where it's located, I think they were protecting themselves in wanting to keep it nice to turn around quickly, which I think it will. Other than that, I don't know why we were offered so much, but I'm glad we were!

[BROKEDED]

That's good to know. Thanks for the reply and congrats!!!