What is cash for keys?
Cash for keys is a deal where a new owner, often a bank or an auction buyer, pays the people living in a foreclosed home to move out by a set date and leave it in agreed condition. It is usually faster and cheaper than an eviction, and the occupants get money to move.
Updated November 2026. A plain-language definition, not legal advice.
How it works
The new owner offers a set amount, paid when the occupants hand over the keys and the home is empty and broom clean on the agreed date.
Both sides sign a short written agreement that lists the date, the amount and the condition, and that the occupants give up any claim to stay.
What to watch
Put every term in writing and pay only at move-out, after a walk-through.
Renters in a foreclosed home may have notice rights under federal, state or local law. Check before you set a date.
Questions people ask
What is cash for keys?
Cash for keys is a deal where a new owner, often a bank or an auction buyer, pays the people living in a foreclosed home to move out by a set date and leave it in agreed condition. It is usually faster and cheaper than an eviction, and the occupants get money to move.
How much is a typical cash for keys offer?
There is no set amount. It depends on local moving costs, how long an eviction would take and the condition the owner needs. Buyers usually weigh it against the cost and time of an eviction.
Related terms
Sources
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