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Finding good deals here has become difficult due to the amount of new players. Plus I have had much down time due to family illness etc.
Since I also have my RE license, I have been contacting some Asset Manangers to get on their lists to be able to market their REO properties here. At least that way, I can still earn a living. I have all the experience of selling homes, rehabbing, cleaning, evictions and so on. However, I have NEVER done “Cash-for-Keys”. I know the term says it all, however, if someone that has done this before for REO properties, could enlighten me as to the specifics, paperwork and such, I would really appreciate it. It seems as though the Asset mgmt companies would prefer to do Cash for Keys rather than a $350. eviction. And I would like to have a little more knowledge on this area before submitting my applications.
Since they have a string of endless, superfluous forms, they probably already have a “required” doc to be signed in instances of cash for keys.
Working for asset managers is a LOT of work… and at 3% (or less), and covering holding costs, it ain’t all that profitable.
Also, working for REO listings may make it more difficult for you, personally, to purchase these properties.
BTW, you’ve mentioned repeatedly how difficult it has been for you to find deals… it’s probably time to remind yourself that there ARE deals out there and you need to discover what method works now to find them. Perhaps it’s time to start looking at other niches than those you’ve worked up to this point.
I usually have them sign a simple statement like, “I
xxx, in consideration of $1000 paid to me from xxx, hereby voluntarily and permanently vacate the premises known as xxx of my own volition.”. A friend of mine puts in other stuff like I waive my rights to challenge the foreclosure and/or my right to appeal. I don’t go that far mostly because it probably won’t hold up anyway and I don’t want to put ideas in their head. Of course, NO money is given until all occupants are out, place is in broom clean condition
and locks are changed.
Re: “CASH FOR KEYS” a little help here! - Posted by Bobby Williams
Posted by Bobby Williams on November 22, 2004 at 06:11:47:
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That’s why he’s been so arrogant in court; he wants Judge Jackson to throw
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Re: “CASH FOR KEYS” a little help here! - Posted by Leslie Unknown
Posted by Leslie Unknown on November 18, 2004 at 18:45:00:
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Re: “CASH FOR KEYS” a little help here! - Posted by Lyn Harris
Posted by Lyn Harris on November 15, 2004 at 20:57:06:
I am changing my name to Chrysler
I am going down to Washington, D.C.
I will tell some power broker
What they did for Iacocca
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I am heading for that great receiving line.
When they hand a million grand out,
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Re: “CASH FOR KEYS” a little help here! - Posted by Helen Gragg
Posted by Helen Gragg on September 28, 2004 at 03:54:50:
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Re: “CASH FOR KEYS” a little help here! - Posted by Kristine-CA
Posted by Kristine-CA on July 02, 2004 at 12:47:25:
Kristy: my experience with REOs is that banks/lenders have liability issues and the management companies may not be able to let you purchase with tenants/squatters per their contracts with the lenders. Of course it never hurts to ask. Kristine
Kristy, I’ve never dealt with asset management companies, however that statement has made title companies feel more secure that the former owner is less likely to reappear and cause problems with the foreclosure. Perhaps the companies do have their own forms. Good luck.
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