Foreclosure Eviction (Cash for Keys) - Day in the Life of the Larkin Group

www.GoStGeorge.com Today we go out and complete a "Cash for Keys" eviction of the former owner of a foreclosed home. This can be a good or bad experience, all dependant on how the owner reacts. This "relocation assistance" is literally the process of the bank PAYING an owner to move out so they will leave the home in good shape, rather than kicking holes in the wall or stripping appliances.

Filmed in St. George, Utah, this is just part of the real estate job in 2009 and probably for the foreseeable future. This one went well - the owner was a bit emotional when getting a $2400.00 check to help move with. Good experience, now it's time to get it prepped for sale and a good family to live there!

Category:

People & Blogs

Tags:

• Cash for Keys
• Relocation Assistance
• REO
• Bank-owned
• Foreclosure
• St. George
• real estate

[SGRealEstateGuy]

Yes a total scam: Being paid to leave a home and legal obligation you didn't keep.

[evolutionsolutionco]

This just pisses me off to no end...Pay somebody 2400 who doesn't pay their bills to leave their x-home in good shape? I realize the bank does this out of fear of extensive damages but there should be a clause somewhere in the mortgage contract that states if the owner defaults and the home ultimately goes into foreclosure and the previous owner trashes their home that the bank has every right to charge them with a crime. Something really screwed up about this manner of thinking.

[METALMAN4Wii]

@evolutionsolutionco Because the old owner could just take a can of gas a match to it. after the bank screw them with an adjustable rate morgue. also what's to stop the bank from stopping payment on that check......?

[SGRealEstateGuy]

@METALMAN4Wii I guess the bank COULD stop payment but the reality is that they just signed the exact same legally binding document that the Tenant did, obligating them (the bank) to pay. They always, pay, always have. Remember this though about the adjustable rate comment: in this case FANNIE MAE didnt' get involved in that, the local mortgage broker did. The fault must be shared by the local broker and the buyers who are adults and need to thoroughly examine a binding contract.

[SGRealEstateGuy]

@evolutionsolutionco Great thoughts and you are 100% accurate in your opinion. I wish I could fix the system but unfortunately have to simply work within it.

[badboy94590]

scum bag

[SGRealEstateGuy]

@badboy94590 Sorry you feel that way. The fomer owner was very happy to see me bring $2400.00 to them.

[pinoychill]

what r u talking about eviction.what u did is not a eviction its a cash for keys deal. leave the house broom clean leave appliances and in return get cash.and you dont care about those people that lived there your just a greedy REO agent. i bet you just couldnt wait to list that house on the MLS and tell people"oh its a great time to buy" just like you did in the boom years. dont try to hype this video up like this is a eviction.you need a court order to evict.

[Gehenna71]

I would hang myself if I had to do your job. Personally I find you are a criminal ape living on other peoples misery who have been ripped off by banks in the first place.

Have a nice night and ... sweet dreams.

[vfIskullangel]

What a scam.

[larkingroup]

WHEW! People, the Constitutionalists have spoken!

[rewire69]

@SGRealEstateGuy Well even if they examin the the contract and so on.The bank has commited fraud in the first place trying to collect on the house after they have already been paid by the insurance company to pay them off on the house.And thats the same house they set you up to default on.And if you want to talk contracts and so on.They can not charge you for the same house two times.So when they collect the payment is contract law they have already been paid.You should get it free and clear.

[larkingroup]

@AlphaMoonQueen Wow, sounds like you're having a real Monday! Again, the criticisim is fine as long as it's not obscene so criticize away! Don't know where you get your information from. I'm fairly aware of State Laws - I do this for a living. If we don't repair a property we typically have it back on the market in 3 weeks or less. Cheers.

[AlphaMoonQueen]

hey guy you need to get your rat face off the camera, and you dont know what a good deal is , theirfore what the hell are you doing in that line of business, you got so excited to be handing someone a 2,400 check that you had to put your stupid clueless remarks on you tube you dont even know what it truely feels like to be under this situation some knowledge for you it will take at least a month or more to put it on the market, state laws haft to be followed first so you rat scum bag

[TheBeachgirl77]

I love how the bank is always to blame! These people signed the documents, they were well aware of the adjustable rates...it's a two way street. The bank shouldn't offer loans like this, but people should NOT enter into a mortgage that they cannot afford. People take take take and then when they can't afford to pay their mortatge, it's the banks fault. LOSERS

[conworldus]

I had to pay 8000 cash for keys for the last foreclosed property I bought. Still made 40,000 after tax and real estate agent commission though. Not bad.