Cash for Keys
Recently our number of Cash for Keys assignments in Pembroke Pines and Southwest Broward County has increased significantly. So, I thought I would write a quick blog post to explain what cash for keys is and how the process works.
Cash for Keys, or Relocation Assistance Money, is a tool that many REO Asset Managers utilize to incentivize the occupants to vacate the premises. Most of the time, this occurs after a home has been foreclosed on or acquired by the bank through some other means. The process usually begins with the Realtor representing the asset management company or bank going to the home and posting a notice to the occupants. The goal is to have the occupants contact the Realtor and make arrangements to meet and discuss a move out timeline. During the meeting, the Realtor may offer a cash incentive, "Cash for Keys", to the occupant to move out by a specific date. Once the Realtor and the occupant come to an agreement, a "Move Out Agreement" or contract is formulated and signed by both parties. The agreement stipulates the timeline as well as all other conditions for the turnover of the property. Common conditions include leaving the home free of debris and personal property and in broom swept condition. The keys to the home must also be turned over to the Realtor in order to consummate the deal.
On the day of move, out the Realtor will return to the home and inspect the property to determine if the occupant has complied with the contractual terms. If so, the Realtor provides the occupant with a cashiers check for the agreed upon amount and the occupant signs off that they received the check. From that point forward the Realtor secures the property and notifies the bank.
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