I have recently come aware of “Cash for Keys”. I know this is not REI, but have done some research and found little info. The local library was not helpful and I am currently digging threw google and other real estate forums. Any info/opinions about this would be greaty apprieciated.
“Cash for keys” is a term used in dealing with REO properties. The lender that has foreclosed on the house will usually offer the former owner a small amount of money to leave willingly (without having to be evicted). Most of the time there is also a clause that they have to leave the house pretty clean. Often this can prevent the people from trashing the house on their way out because the agent that the bank is listing with doesn’t turn over the cash until they inspect the house (and get the keys )
Thanks, thats good info. To be more specific, I have heard of people doing this service for banks and lenders. Offering cash for keys and the property being “broom clean”. You get paid to pay occupents to leave the property. Sounds like a nice gig. How would one get started in this? Links, references, advice on the topic, all apprieciated.
I don’t have any information about people doing that as a job. The only people I know who do cash for keys are RE agents. They do them for the lender before they list the house. You might try some asset management/property preservation companies. Agents do this as part of their service to the lender (they don’t get paid more to do this, it’s part of what the lender expects in order to earn the commission) . I don’t know if the lenders would be willing to pay someone to do this when they can have their listing agent do it for “free”.
Thought i’d try and bring back this topic. I’ve found a few things on this. Does this have any validity as an individual business or side job. Any more info on top of what missmbb stated would be appreciated.
Some great information and links. I have also heard the term used to get tenants out before being evicted just by the landlord. Same idea just different owner.