How do I offer Cash for Keys?

Question

Looking for REO agent responces'. I am a new REO agent and I have to offer cash for keys for the first time. I was hoping an experianced REO agent could give me some pointers and tips. Thanks alot!

Answer 1

Just be real clear in explaining what you are offering and what they are agreeing to.  They will promise anything to get the money.  I think you will have good luck.  Most people can not imagine that you are actually giving them something. /

Answer 2

I've listed bank foreclosures, but never been in the position to offer cash for keys.  Here's what I suggest though:  Find out all you can about the people living there from the bank's representatives who have had dealings with them - I used to be a probation officer and going into a potentially volatile situation without any information could be deadly - no real estate commission is worth that.  Try to talk to the decision maker - but don't be one yourself.  Whatever they can agree to, or want, tell them that you'll take it back to your boss or "the bank" and see what you can get for them.  Unless you already have been given a limit and it is within that limit.  But try not to be "the person who decided how little their life is worth".  

The more that they understand that you want to help them get to where they need to be, the better.

Answer 3

REAL ESTATE owned, an involuntary portfolio of bank

repossessed homes.  YOU need offer no cash to any bank

to get their keys.  If they have this policy, go to another bank

and contact the banking superintendent and contact the BBB

and others.  Shame the bank if you must.

ASK the GM of the bank for a copy of their procedures re their

REO.