Cash For Keys
Cash for Keys, Cash for Keys
Banks everywhere are scrambling to slow the foreclosure rate. With Nevada consistently claiming the nations highest foreclosure rate for the better part of 4 years, it's obvious many steps need to be taken to create resolve.
Cash for Keys allows the banks to reacquire properties in good condition and in some cases will additionally reward the occupants for an immediate departure. Included in the agreement between the banks and occupants will be the date they must depart, specifics of how the property is to be left in good and clean condition, as well as not leaving any foreclosed upon pets behind. These deals will also specifically detail that the homes must not be vandalized, stripped of copper wire, air conditioning units, and appliances.
One major reason realtors and investors have watched property values decline is due to the destruction of these foreclosed homes. Banks most often do not make the repairs to the destroyed homes, instead opting to sell them at deeply discounted prices. This is in turn bringing down the sales price on even well maintained homes in the nearby areas and increases the odds that more will walk away from investments that appear to only be losing value, thus perpetuating the cycle. Another means of providing a deterrent is Bill 373. This bill, currently before Nevada Legislature, would make the acts of looting your property of appliances, valuables, and leaving the dwelling virtually unlivable, a crime punishable with jail times and fines. The bill has gained mixed reviews as many say it would be too complicated to prove when the activity actually did occur. However there is quite a bit of support that feels as a society we need to step up and acknowledge that this behavior is wrong.
Being time consuming and costly for banks to get the homeowners out of a foreclosed home, the boost of short sales and initiating the cash for keys procedure will help reduce their losses. Cash for keys is not something that banks are intending to offer automatically. It's a very fair option for those that approach the bank in a courteous manner seeking some financial assistance with the high cost of moving. In some cases banks may provide a bonus to those that move out immediately instead of occupying the residences for months on end without making payment. This will help cover movers, security deposits and utility deposits as well as temporary living quarters. Attempts to extort banks may make them withdraw these offers. Cash for keys appears to be a blessing to many allowing them the opportunity to retreat the home with a bit of dignity after the harsh realization that they were in over their head.
FORECLOSURE Is Never The Answer...Call 702-677-8796 or contact us today.
Linda Strasberg, Las Vegas Realtor
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