"CASH FOR KEYS" a little help here! - Posted by Kristy-AZ

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“CASH FOR KEYS” a little help here! - Posted by Kristy-AZ

Posted by Kristy-AZ on July 01, 2004 at 21:22:14:

Hello everyone,

I need alittle help from some Realtors please…

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.

Thanks so much,


Re: “CASH FOR KEYS” a little help here! - Posted by rm

Posted by rm on July 02, 2004 at 07:59:57:

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.

Re: “CASH FOR KEYS” a little help here! - Posted by Ben (NJ)

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I usually have them sign a simple statement like, “I
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and locks are changed.

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Re: “CASH FOR KEYS” a little help here! - Posted by Kristy-AZ

Posted by Kristy-AZ on July 01, 2004 at 22:13:56:

Hey Ben,

Thanks… seems almost too simple. The Companies (Asset Mgmt)are OK with this statement? Or do they have their own forms?

Thanks agian,

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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

Re: “CASH FOR KEYS” a little help here! - Posted by Ben (NJ)

Posted by Ben (NJ) on July 02, 2004 at 04:24:33:

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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