Archive for January, 2011

Dealing with Realtors After Foreclosure

Cash for Keys

Cash for Keys

Who are these real estate agents and why are they bothering me?

Got this great article from Tenants Together

The owner after foreclosure, usually a bank, will often hire a real estate agent to market the property.

These agents generally try to get all tenants out of the property as quickly is possible. Remember, their goal is to get you out.

I don’t get it. Why do they want this property vacant?

Banks and agents claim that it is easier for them to sell the property if it is vacant. It doesn’t make much sense. Vacant properties attract vandals, contribute to neighborhood blight, and bring down property values. Plus the owner is giving up rental income by throwing out tenants.

The California Association of Realtors has opposed recent legislative efforts to protect tenants after foreclosure. It may not make sense, but unfortunately, that’s their position.

A real estate agent is pressuring me to move. What should I do?

If someone is telling you to move out but doesn’t serve a written notice, you don’t have to do anything.

Tell the real estate agent (or other bank representative) to put any communications about your tenancy in writing.

To be safe, inform the bank and its representatives in writing that you are a tenant, so they don’t move forward with an eviction claiming they didn’t know a tenant lived at the property.

The real estate agent is lying to me about my rights. What are my options?

Stop talking to the agent. Demand all communication in writing.

Contact a tenant organization or legal aid to learn about your rights from a reliable source.

File a complaint with the Department of Real Estate against any real estate agent that lies to you about your rights. The agent could lose his or her license for this.

The agent keeps talking about “cash for keys”. What does this mean?

These are agreements that banks/agents want you to sign in which you give up your rights as a tenant in exchange for money. In the typical agreement, the tenant is paid money to agree to move out sooner than required by law.

You are under no obligation to accept these “cash for keys” offers.

If you want to work out a deal in which you move, negotiate the terms of the agreement to your satisfaction.

Get help before signing any agreement. There may be legal consequence and you need to know what you are getting into.

Are there any special things to keep in mind when negotiating cash for keys agreements?

Carefully balance whether you are better off accepting a deal or staying in your home as long as possible.

Do everything in writing and keep copies.

Make sure that the person signing any agreement for the owner is an authorized representative for the owner.

Get as much of the money up front as you can, and the rest when you turn over the keys.

Consider adding a provision requiring the bank to return your deposit on the same day you turn over the keys.

I had an agreement, but now the agent won’t honor it.

Unfortunately, many tenants report that agents and banks do not comply with their end of the deal. Some tenants move out in reliance on a deal, but then are left with nothing. Tenants who are stiffed can sue, but it may take months to get the money.

Always insist on getting some of the money up front, and the rest at the time you turn over your keys, to avoid problems.

Call Tenants Together for more information. Our Tenant Foreclosure Hotline is 415.495.8012. If you need legal assistance, please contact your local legal aid office.

Authored by Forth Hoyt | Discussion: 1 Comment »

Forth Hoyt’s Resume

FH_Logo_Alternate_Color_Print

Simple, Straightforward Real Estate…

 

 

Forth Hoyt CRS

CDPE, IMSD, Certified HAFA Specialist, SFR, SRES, e-PRO,

PFC, RDCPro, A-REO, Master’s Club Life Member

Sacramento Dave Ramsey Endorsed Local Provider

Certified Mortgage Resolution Specialist
Certified Home Retention Specialist
Certified Pre-Foreclosure Specialist
Certified Short Sale Specialist

 

California Real Estate License #01319540

[email protected]

Objective:

To assist you and your family with your real estate needs.  To enable a quick, professional, efficient, hassle free transaction.

Designations

 

Summary of Qualifications


Brief History

-2005-present

Keller Williams, Folsom, Ca. (KW is the second largest brokerage in our area.)

Team Leader; The Hoyt Group.  2013 top 3% in production for office.

-2003-2005

RE/MAX Gold, Granite Bay (RE/MAX Gold is third largest brokerage in our area)

Lead Listing Specialist with Team Conway. Team Conway was the #1 Agent Team with RE/MAX Gold in 2003, 2004 with my assistance- I listed and sold up to 42 listings annually, as a team we did over 250  transactions annually consistently #1 or #2 agent team; RE/MAX Gold.

-2001-2002

RE/MAX Gold, Granite Bay

Obtained my real estate agents license in 2001 and began working as lead generator and marketing consultant/coordinator for the Ric Chen. The 2002 yr. #1 listing agent; RE/MAX Gold.

Real Estate and Related Education

Forth Hoyt has become one of the Sacramento area’s premier real estate agents, and a Sacramento short sale and pre-foreclosure specialist. Through his devotion to learning, his work ethic and tenacity and fifteen years of Sacramento area Real Estate Experience and hundreds of transactions, Forth has the knowledge and background to provide you with a winning real estate experience!

CRS, CDPE, IMSD,Certified HAFA Specialist, SFR, SRES, e-PRO,

PFC, RDCPro, A-REO,  Master’s Club Life Member

Dave Ramsey Endorsed Local Provider

Certified Mortgage Resolution Specialist

Certified Home Retention Specialist

Certified Pre-Foreclosure Specialist

Certified Pre-Foreclosure Specialist

Short Sale And Foreclosure Resource Designation

Forth Hoyt Logo

SFR_cmyk.jpg picture by justthegrownups The National Association of Realtors

Only Short Sales and Foreclosure Resource Program

Authored by Forth Hoyt | Discussion: 2 Comments »





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