18 Mar Foreclosure: CASH for Keys
What’s in it for YOU?
MONEY to help you relocate! Negotiated amounts will vary depending on the lenders’ policies.
What’s in it for the NEW OWNER (Bank or Mortgage Co)?
A WRITTEN AGREEMENT that stipulates the following—-
- Vacate by a certain date.
- Occupied property is less likely to be vandalized.
- You keep the property up= leave the fixtures and appliances in place and in good condition and keep the yard up.
- Property will be “Broom Clean” when you vacate.
- Turn in all keys and garage door openers.
- Inspection by owner’s authorized representative to verify terms of agreement have been kept.
- Payment of “Cash” after inspection if agreement terms have been kept.
*Broom Clean=removal of all furniture, trash and debris from house and yard.
CAUTION—There Are SCAMS
Make absolutely sure your offer is coming from the owner of the property or their legally authorized representative. Don’t sign any agreement until you review it several times. Make sure you understand all wording, if you don’t then don’t sign the agreement until you do. Real Estate investors usually do not offer “Cash for Keys”. It is less expensive for them to evict if they have to.
Remember that knowledge is power! The more knowledge you have about Cash for Keys, the more power you will have to make a smooth move from your home.