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
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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.
Comment by John on 21 February 2009:
what are my rights? I signed a 6 month lease in dec 08 with a management company. Mid Feb they tell us that the building (a 4 plex) has been foreclosed and a lawyer called us and said we had 20 days to get out. We had maintained the property and paid our rent in full,on time for Jan and Feb and the owner won’t give me my security deposit back and the management company says its not up to them. We are being offered the keys for cash program to get out sooner but that shouldn’t affect my security deposit. How can I get my money back. I’m unemployed and not getting any help from anywhere.