Cash For Keys - REO Property Preservation Forum
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post #1 of 11 (permalink) Old 01-06-2016, 01:23 PM Thread Starter
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Exclamation Cash For Keys

I've been assigned with a CASH FOR KEYS W.O. I'm familiar with what it is but this is the first CFK I've had. I'm thinking of rejecting it. It just seems like an easy way for my client to get me on the hook for any violations the home may have and the $$ amount of the check given to the homeowner could somehow come out of my pocket.

Any feedback would be appreciated.

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post #2 of 11 (permalink) Old 01-06-2016, 01:32 PM
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Originally Posted by MidWestSwindler View Post
I've been assigned with a CASH FOR KEYS W.O. I'm familiar with what it is but this is the first CFK I've had. I'm thinking of rejecting it. It just seems like an easy way for my client to get me on the hook for any violations the home may have and the $$ amount of the check given to the homeowner could somehow come out of my pocket.

Any feedback would be appreciated.
Reject ! These orders suck , lots of liability, no added compensation.http://www.preservationtalk.com/images/icons/icon13.gif
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post #3 of 11 (permalink) Old 01-06-2016, 03:09 PM
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Reject ! These orders suck , lots of liability, no added compensation.http://www.preservationtalk.com/images/icons/icon13.gif
In our area the Realtors do them not the contractor.
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post #4 of 11 (permalink) Old 01-06-2016, 03:26 PM
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What a waste of time..had two of those and I still have the checks, years later..no one ever met me, both where all ready empty and gone..
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post #5 of 11 (permalink) Old 01-06-2016, 07:30 PM
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I had a cfk from a regional in FL that sent me to one of the worst areas of Flint MI and I was supposed to show the owner the check and tell them I cant give it to you till you clean it up more. I drove there and saw 4 guys smoking weed in a yard full of trash and just kept driving. That was the last job I had for that company as I was told I did not try hard enough to follow the work orders.
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post #6 of 11 (permalink) Old 01-06-2016, 07:36 PM
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I used to love doing CFK's. Easy $300 for 30 minutes. The bank overnighted the checks, go to the house at the agreed upon time and if the house was SPOTLESS have them sign the forms, collect the keys and away they go. 80%+ of the time I never gave away the check since there was debris remaining or home was not cleaned. The looks on those faces---just like taking a lollipop from a baby. We always told them before going that house had to be spotless.

For the ones that was spotless we then changed the locks for another $45 per door, took pics and left.
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post #7 of 11 (permalink) Old 01-06-2016, 07:38 PM
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Oh yeah forgot to add: when you don't hand over the check be ready to RUN or defend yourself.
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post #8 of 11 (permalink) Old 01-06-2016, 08:19 PM
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Oh yeah forgot to add: when you don't hand over the check be ready to RUN or defend yourself.
That is funny but true!!!

Done a few CFK orders up this way over the years. 1 in 10 get paid and the rest are pissed......
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post #9 of 11 (permalink) Old 01-06-2016, 09:43 PM Thread Starter
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I used to love doing CFK's. Easy $300 for 30 minutes. The bank overnighted the checks, go to the house at the agreed upon time and if the house was SPOTLESS have them sign the forms, collect the keys and away they go. 80%+ of the time I never gave away the check since there was debris remaining or home was not cleaned. The looks on those faces---just like taking a lollipop from a baby. We always told them before going that house had to be spotless.

For the ones that was spotless we then changed the locks for another $45 per door, took pics and left.
They pay $300?

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post #10 of 11 (permalink) Old 01-07-2016, 07:53 AM
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They pay $300?
For me they pay whatever I charge. I've done 2 of them, The first one I charged $200, the second $400. I hated them both and will never do another - it made me feel like I was the Foreclosure Judge, Jury and Executioner - not my thing.

Iíve already told you more than I know.
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