# Question about Fannie Mae cash for keys.



## Richiebro14 (Sep 29, 2012)

Hello all,
I am a contractor in South Carolina, I do a little work for Altisourse so I know a little about the system, recently the house I rent was foreclosed and now Fannie Mae has control of it. No worries, I already have another place. Good thing I knew the ropes a little and was prepared!! My question is, what are they paying for "cash for keys"? I have a current lease with a property mgmt co and I'm sure ill qualify so I hope! Any input is greatly appreciated!


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## Gypsos (Apr 30, 2012)

I would see what they offer and counter with a higher bid. I have seen them go for around $2,000.


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## STARBABY (Apr 12, 2012)

Gypsos said:


> I would see what they offer and counter with a higher bid. I have seen them go for around $2,000.


 
yes I handle some for Cyprexx and most of them are $2000 for each person (husband and wife)


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## Richiebro14 (Sep 29, 2012)

Thanks!


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## thanohano44 (Aug 5, 2012)

Richiebro14 said:


> Hello all,
> I am a contractor in South Carolina, I do a little work for Altisourse so I know a little about the system, recently the house I rent was foreclosed and now Fannie Mae has control of it. No worries, I already have another place. Good thing I knew the ropes a little and was prepared!! My question is, what are they paying for "cash for keys"? I have a current lease with a property mgmt co and I'm sure ill qualify so I hope! Any input is greatly appreciated!


I've seen them as high as $4500 per person on the lease. A lot of people just say forget about the Cfk because in that state in which we did it in, they would get 6-7 months before the eviction vs 90 days Cfk's.


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## 68W30 (Sep 8, 2012)

I have seen up to 2500 in NY but i have also seen the Offer pulled back when a tenant tried to squeeze the goose


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## nurumkin (Sep 28, 2012)

*re*

I hear of mostly $2-4k. I've heard stories from NY and california of $20k when the place is rent controled


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## thanohano44 (Aug 5, 2012)

nurumkin said:


> I hear of mostly $2-4k. I've heard stories from NY and california of $20k when the place is rent controled


Those happen in the large multimillion dollar estates.


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## nurumkin (Sep 28, 2012)

*re*



thanohano44 said:


> Those happen in the large multimillion dollar estates.



I would think that they would have to pay a ton to get people out or rent controlled places. If I'm paying $1100 for a nice place in LA that is worth even $1500 anywhere else it's going to take a hell of a lot more then $2-4k to get me out. Especially when you factor in CA's rental laws and knowing that its next to impossible to get someone out who doesn't want to leave. I had a buddy that just let his house go back when he got some terrible renters because he just said 'screw it" after spending like $15k trying to get them out after they trashed the place right after moving in. 

He said they threatened to report him because the front door was busted off the hinges and there were a bunch of broken windows after they are the ones who did it.


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## BPWY (Apr 12, 2012)

thanohano44 said:


> A lot of people just say forget about the Cfk because in that state in which we did it in, they would get 6-7 months before the eviction vs 90 days Cfk's.





68W30 said:


> I have seen up to 2500 in NY but i have also seen the Offer pulled back when a tenant tried to squeeze the goose






I've seen both happen, to the same person.


Ocwen was going to offer this gal the highest amount I'd ever seen them offer here......
I wasn't impressed with her smartness but apparently she had some about her because she said that for the cost of rent she can stay there another 90 days (state law after the sheriff sale) and gain more than the CFK offer. 

When the 90 days was up they sent me back to offer $500 MAX or they'd evict. 
She took the money at that point.


When I was doing CFKs I never saw over $1500 offered.....


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## GTX63 (Apr 12, 2012)

I've seen 2K tops. Seems the brokers we know get tired of monkeying with the occupants to remove everything prior to the check getting handed over, so they call us to go clean up (5 cyds or less) on their dime after they move out. Personally, after the third visit, I would wad the check up in front of them and turn it over to the judge.


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## Cleanupman (Nov 23, 2012)

The faster you get out the more you'll get...
I have seen them here..RENO NV area...as high as 5k...for the most part in the 2000-2500 range per person....

The kicker...FNMA allowas for 250 to the vendor.......most of the middle people keep that and "give" you the initials....
We quit doing them with out a fee....


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## BRADSConst (Oct 2, 2012)

Guys/Gals,

I don't beleive that this guy is contractor and works for Altisource. Altisource was conveniently listed on the first page of the threads. It just seems fishy that someone who was renting and the a house and "was prepared" for the foreclosure. In my experience, the tenants are the last ones to find out their landlord didn't pay the mortgage. I don't think this guy will be back posting. He's just looking to see what he can squeeze out of his mortgage company.


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## Cleanupman (Nov 23, 2012)

BRADSConst said:


> Guys/Gals,
> 
> I don't beleive that this guy is contractor and works for Altisource. Altisource was conveniently listed on the first page of the threads. It just seems fishy that someone who was renting and the a house and "was prepared" for the foreclosure. In my experience, the tenants are the last ones to find out their landlord didn't pay the mortgage. I don't think this guy will be back posting. He's just looking to see what he can squeeze out of his mortgage company.


OK I'm one of those diehard NV gambling guys...I agree...11-1 are the odds says he is not back....


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## 68W30 (Sep 8, 2012)

Cleanupman said:


> OK I'm one of those diehard NV gambling guys...I agree...11-1 are the odds says he is not back....



can we get our Gurus to monitor Ip addys, MACs on newbies signing up and cross check the domains to see if we have the same " characters" with new names trolling around ? i changed my public/posting name because i know "tricks/workarounds" and prefer to share them with my brothers and sisters here and not have them used against me at a later date by a nat :shifty: .. I dont want to train the companies! they can get there schooling elsewhere


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## BPWY (Apr 12, 2012)

There isn't a whole lot we can do, but I did check the IPs.


Nothing out of line was found.


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## SwiftRes (Apr 12, 2012)

BRADSConst said:


> Guys/Gals,
> 
> I don't beleive that this guy is contractor and works for Altisource. Altisource was conveniently listed on the first page of the threads. It just seems fishy that someone who was renting and the a house and "was prepared" for the foreclosure. In my experience, the tenants are the last ones to find out their landlord didn't pay the mortgage. I don't think this guy will be back posting. He's just looking to see what he can squeeze out of his mortgage company.


Not to mention Altisource has a regional model, so it's hard to do "a little work" for them unless its through a regional.


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## BRADSConst (Oct 2, 2012)

Cleanupman said:


> OK I'm one of those diehard NV gambling guys...I agree...11-1 are the odds says he is not back....


Cleanup, I dont take sucker bets.....


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## Richiebro14 (Sep 29, 2012)

BRADSConst said:


> Guys/Gals,
> 
> I don't beleive that this guy is contractor and works for Altisource. Altisource was conveniently listed on the first page of the threads. It just seems fishy that someone who was renting and the a house and "was prepared" for the foreclosure. In my experience, the tenants are the last ones to find out their landlord didn't pay the mortgage. I don't think this guy will be back posting. He's just looking to see what he can squeeze out of his mortgage company.


Despite what you believe, or what you think you know. I AM a vendor for Altisourse, I DO rent, and I guess I must be smarter than YOU. I have been in the real estate field for years, I have 1 year of all this "property preservation" and I pay attention. Sure I wanna know what I can squeeze outta Fannie Mae, I Have to move!!! I asked a simple question. . . Thanks for all that posted something helpful..


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## BRADSConst (Oct 2, 2012)

Richiebro14 said:


> Despite what you believe, or what you think you know. I AM a vendor for Altisourse, I DO rent, and I guess I must be smarter than YOU. I have been in the real estate field for years, I have 1 year of all this "property preservation" and I pay attention. Sure I wanna know what I can squeeze outta Fannie Mae, I Have to move!!! I asked a simple question. . . Thanks for all that posted something helpful..


No problems, just chill out a little. There are a lot of people who join these forums to pick our brains and then leave without ever providing anything valuable in return. Its just a little tough to believe when Altisource uses a "regional method" so working directly for them sends up a red flag.

I won't get into a debate with you on whether or not you are smarter than I am. Its not worth my or your time.

With that being said, Welcome to forum. :thumbsup:


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## Richiebro14 (Sep 29, 2012)

Sorry, Perhaps it's better I reiterate my standings, I am a roofing contractor here in SC. I work with investors on rehabs, my P/P work is for a national I guess, I /they represent Altisource, that being said, I personally have handed out "cash for keys" this time I'm on the opposite side unfortunately. I took a Cash Buyer with me to the auction to buy my property and finance it back to me, the bank out bid her. With my misfortune I wanted to know before I go into the interview this morning. I'll be sure to post the outcome.


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## Richiebro14 (Sep 29, 2012)

As promised,I get $1900 to trash out my own house, all by the 27th. I already have the place to move, power gets cut on today, looks like $1900 builds me a shed out back for tool storage. Thanks for the info ahead of time.


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## 68W30 (Sep 8, 2012)

BRADSConst said:


> No problems, just chill out a little. There are a lot of people who join these forums to pick our brains and then leave without ever providing anything valuable in return. Its just a little tough to believe when Altisource uses a "regional method" so working directly for them sends up a red flag.
> 
> I won't get into a debate with you on whether or not you are smarter than I am. Its not worth my or your time.
> 
> With that being said, Welcome to forum. :thumbsup:



Handled Like a True gentleman Brad


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## BRADSConst (Oct 2, 2012)

68W30 said:


> Handled Like a True gentleman *Brad*


Now you outted me! The Nats and Regionals will know my real name..:lol::lol::lol:. On a more serious note, I got a text message about two weeks back from a regional I "deactivated". They were just letting me know they've been reading my posts on here. Maybe its time to change my alias?:whistling2:


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## thanohano44 (Aug 5, 2012)

BRADSConst said:


> Now you outted me! The Nats and Regionals will know my real name..:lol::lol::lol:. On a more serious note, I got a text message about two weeks back from a regional I "deactivated". They were just letting me know they've been reading my posts on here. Maybe its time to change my alias?:whistling2:


Lol. Ask them to point out where you are lying.


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## 68W30 (Sep 8, 2012)

BRADSConst said:


> Now you outted me! The Nats and Regionals will know my real name..:lol::lol::lol:. On a more serious note, I got a text message about two weeks back from a regional I "deactivated". They were just letting me know they've been reading my posts on here. Maybe its time to change my alias?:whistling2:



you dont think i changed mine because im " Oh So Smart " during a convo with a Prop manager from a regional i gotta " loved what ya wrote on the forum " comment OH BOYYYYYYYYYY BTW that is my picture


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## Buster9121 (Aug 10, 2012)

My friends house was foreclosed and my worker rented from him and he just received $5000 to get out all he had to do was broom sweep everything outside


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## Buster9121 (Aug 10, 2012)

The house was in Staten Island ny


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## BPWY (Apr 12, 2012)

Buster9121 said:


> The house was in Staten Island ny




We are talking about real estate.................................


Its all about location, location, location.


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