One of my clients just asked me about the Cash for Keys program...IS this legit or another scam. Please give me your input.
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Luxe Places International Realty - Novato, CA
Broker - Seniors Real Estate Specialist Novato
Cash for keys is legit Carol. This way the renter or previous homeowner can clean the please up and the bank pays them instead of paying a sherriff to kick them out.
Aug 01, 2008 03:58 AM
Maverick Realty - Owensboro, KY
Broker, Real Estate Agent Owensboro KY
Carol~ Yes cash for keys is legitimate. They actually will have you (or whoever the realtor getting the listing is) pay the renter or homeowner to leave on their own and turn over the keys for a specified amount of cash.....
Aug 01, 2008 04:07 AM
Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today ! - Dover, DE
FREE Delaware Homes Search!, $$ Save $$ - Find Homes! Delaware Realtor
Yes I've heard a lot about the Cash For Keys ...In fact I typed up a post about it once. I have never had that situation presented before in my career but I've learned so much about it. Thanks,
Tom Davis
World Class Delaware Realtor
Aug 01, 2008 04:16 AM
Newberry Realty, Black Diamond - Black Diamond, WA
Banks will pay for keys as well. When a home is foreclosed they will pay to have you leave with out destroying the place and leaving the keys.
Aug 01, 2008 04:21 AM
Crescent Moon Realty, Inc. & Land N Sea Auctions. - San Marcos, CA
Certified Negotiation Consultants
Carol:
I blogged on this some time back. Yes, I know of the program of which you speak. It is legitimate.
Aug 01, 2008 04:21 AM
Marketing Specialist for CJ Realty Group/Cindy Jones Broker - Springfield, VA
Yes this is a real program. Every lender handles it differently but it does take effort sometimes to get a tenant or owner to actually accept what is offered and move on.
Aug 01, 2008 04:41 AM
eXp Realty LLC - Tigard, OR
Principle Broker Oregon
This is a great program if you have renters that you want out quickly. Instead of waiting for the 30 days, you tell them if they can get out in 10 days you will give them their deposit plus $250 and they are usually out in 10 days and you can get it rented sooner. The alternative can be months to get someone out if they don't want to move and the courts are backed up.
Aug 06, 2008 01:56 AM
Tarbell Realtors - Upland, CA
Thanks for all your responses...I am constantly overwhelmed by the generous help people are willingt to give on Active Rain.
Aug 06, 2008 09:19 AM
Epique Realty - Cape Coral, FL
"Get Nudi and Get Into Your Dream Home"
Carol... was your client foreclosed on? In that case it is legit. I handle REO listings and offer cash for keys on a regular basis.
Aug 06, 2008 09:29 AM
Tarbell Realtors - Upland, CA
NOT yet Ralph...maybe that is why they have been hearing about this. They said that a lot of real estate agents have been talking to them about this.
Aug 06, 2008 09:33 AM
Tarbell Realtors - Upland, CA
Hi Linda, it seems as though you have a unique situation. Please give me a call at (909) 223-1467 and I can help you with your situation.
Dec 17, 2008 07:04 AM
Tarbell Realtors - Upland, CA
As I understand it, only certain banks will give out cash for keys. I know for a fact that Countrywide will give them out but I don't know of others at this time. I hope this information is helpful and good luck!!!
Jan 28, 2009 02:21 PM
Tarbell Realtors - Upland, CA
Hi there Lynn and Verlissa Ulmer, each bank or foreclosure situation is unique. Lynn short sales do work only with agents who are experienced at doing them. There are a lot of real estate agents who claim to know what they are doing only come to find out while you are 4-8 weeks into it, that they have no experience in them. Make sure if you do do a short sale the agent knows exactly what they are doing and it will work; however, since the home is not in your name you are going to have problems all the way around. You cannot hire an agent to sell the home because the home is not yours, its your ex's. I understand you have been making the payments but it is all about who is on title. With that side the only way you would probably get any payment in cash for keys would be if the bank forecloses on the property and you are still living in there. They technically pay you not to trash the house when you leave. I hope this information was helpful and if you have any further questions feel free to email me or call me. Good Luck.
Apr 22, 2009 12:13 PM
Tarbell Realtors - Upland, CA
My question for the landlord would be why is would a realtor offer me cash for keys if it wasn't legitimate? Or for that matter why would a complete stranger if he isnt a realtor come to your house and give you free money. Ask your landlord who the mortgage company is and that you want to pay the mortgage company direclty. Also you can probably call the recorders company and ask them who is holding title. If it is a bank then you know that a bank has foreclosed on the property. You are in a tough position but I believe if the landlord is telling the truth then he should have no problem giving you the mortgage company name and letting you call them to make sure he is current on his payments. Maybe have him call on speaker phone so that you can listen in. There is nothing wrong with wanting to know truth. Good Luck Ahjah!
May 20, 2009 02:30 PM
Berkshire Hathaway / Prudential Ca Realty - El Cajon, CA
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