Cash For Keys - A Way To Keep Foreclosures From Being Trashed
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If you are buying foreclosures you know some of the horror stories of how the foreclosed upon are destroying the properties on their exit. Well, there is a new concept coming out where the buyers are paying a stipend, called Cash For Keys, to the homeowners for a non destroyed home.
It does make a great deal of sense, the people losing their home are angry, hurt, and embarrassed. Instead of allowing them to take their emotions out in a negative way, you are giving them some seed money to restart.
Exasperated lenders are getting wise to the ruse and offering “cash for keys” deals, essentially paying homeowners as much as $2,000 not to take out their frustrations on their properties before leaving. Roughly half of all foreclosed properties are returned to the bank with substantial damage, according to a national survey of 1,500 real estate agents by Campbell Communications, a marketing and research firm in Washington, D.C.
“Until you see and smell these properties, you don’t really understand the problem,” said Tom Popik, a partner at Campbell Communications and a market researcher in the mortgage industry for 15 years. via Trading Markets
It probably is a really good time to buy real estate - monthly payments are about equal to market rents ...
The part about the inventory is right on but in my area they are mostly low end and beat up ...
I worked for this man, he is a great con man and has done this in more than States then ...
You're right. If you come from Central Jersey (as the Boss and I do), you go to Florida at some ...
Maybe it was kryptonite...
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By Mike ...
I couldn't agree more.
The newspaper has always "stuck" it to the real estate agent with rates that were much higher ...
By the way, homeowners trying to get short sale approval should be aware that lenders are comparing the initial loan ...
Ouch! Thankfully I haven't come across anything like that yet. We normally don't have situations like that in ...
well, the guy was here illegally.
serves him right. 
BY USING FIRST CLAIM INSURANCE ADJUSTERS YOU WILL HAVE THE ABILITY TO LOOK AT YOUR INSURANCE SETTLEMENT AND REALIZE FIRST ...
Comment by sell Greensboro home fast on 29 October 2008:
I also give “Cash for Keys” to renters who are not paying. It costs a lot to evict and usually trashed. You tell the renter that if I show up on Friday and the house is broom clean swept and you are ready to leave, I will pay you $400 to leave.
Most people will not do this and they are losing out.