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What is Cash For Keys ?

By
Real Estate Agent with Renaissance Realty Group of Keller Williams Atlanta Partners

I have a lot of old keys and remotes and heck even a dozen or so old cell phones will some one pay me cash for my old keys ? Is this like a gold  jewelry exchange ?

Sorry to say nope Cash for Keys is ..

Cash for keys describes an agreement between the lender and the homeowner where the lenders offers a lump sum for timely vacancy in an orderly fashion. The amount of cash is negotiable and generally covers moving expenses for the homeowners' goods and belongings. The cash is paid after the property is vacated and inspected, assuming that the property is left in good order.

In many cases the agreements are negotiated by the real estate agent that represents the bank. In other circumstances, the attorneys for the homeowner and the bank come to terms on an equitable cash-for-keys scenario.

Posted by

If you or someone you know is thinking of buying or selling a home have them give me a call .. we will get it done ...right 

Eric Reid 

Associate Broker

Keller Williams Atlatna Partners
Team Leader 
Renaissance Realty Group

Comments (9)

Rob Kelly
RE/MAX Alliance - Louisville, CO
Louisville Colorado Realtor

Ha, that's a funny one!  How about a Salvation Army collection pot downtown, where folks can simply drop off their keys on their way to holiday shopping? I've heard it called "jingle mail" as well, as the sound of the keys "jingling" as they are mailed back to the bank.  Sign of the times I guess,

rob

Nov 25, 2008 12:17 AM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

First time I heard this term but makes perfect sense to me if this is a way to give those who lose their homes an incentive not to destroy it on the way out.  Unfortunately happens much too often. 

Nov 25, 2008 12:21 AM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes
I agree with the above comment. Patricia Aulson/Hampton NH Real Estate
Nov 25, 2008 12:25 AM
Heather Goodwin
Licensed by the Louisiana Real Estate Commission - Shreveport, LA
Results That Move You

It's too bad the banks are getting the homes back instead of the mortgage note being paid off, but now they'r paying the owners not to trash the place?  Unbelievable.

Nov 25, 2008 12:48 PM
Not a real person
San Diego, CA

So it's not an offshoot of the "Cash for Gold" program that I see advertised in the Informercials at 2:30 every morning? Darn - LOL.

I've heard of some cash for keys settlements of up to $5,000 out here.

Dec 05, 2008 06:44 AM
Mary Strang
Viroqua, WI

I have several pounds of keys some left over from expired listings, some from extra house keys, some just found their way into my possessions, etc... would you please give me some cash? LOL

Dec 05, 2008 06:49 AM
Anonymous
Darcy

How does cash for key work for a renter?  I am renting a property that the landlord let go into foreclosure.  There are 3 months left on the redemption period.

 

I've still been paying my rent, but I think the owner will be the one to get the cash for keys program.  So how does that work for me?

Jun 28, 2009 08:35 AM
#8
Eric Reid
Renaissance Realty Group of Keller Williams Atlanta Partners - Lawrenceville, GA

I have paid cash for keys to renters .. the banks pay to the ten ate to avoid a eviction

Jun 28, 2009 12:36 PM