Cash for keys on a property during redemtion period

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Cash for keys on a property during redemtion period

Eden Burgard
Investor · Ann Arbor, MI · Member since 2016 · 4 posts · 1 vote

I bought a property in a Sheriff sale, the owner does not live there, the property has a vacant certificate from the city. I need cash for keys form or any legal document to have the owner sign so I can take over the property and not wait until the redemption period is over.

Any feedback will be appreciated.

Thanks.

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
9y

this varies from state to state.. Like here in Oregon you MUST OWN the redemption rights .. How do you do that you ask... Well you get the present owner who lost it to deed you the rights. not just some form letter..

this is a simple question for a local attorney.. spend a few hundred and do it right... free advice here on BP is worth what you pay for it.. when your talking these issues that are a tad more complex and you have no clue as to what your doing.

Now down in Alabama I fund a LOT of foreclosure stuff like this that has one year redemption rights and there we bond around it... simple form from title company...

there ya go good luck

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  • Joseph Abbott
    Tulsa, OK · Member since 2016 · 119 posts · 23 votes
    9y

    Hello Sir. Congratulations on your new property! I haven't heard cash for keys in a long time! I'm glad to see some people are still using it. 

    I live in Metro Detroit and we used cash for keys a lot. If I were, I would see if the occupant Is willing to do cash for keys. If so, it's really as simple as saying, whomever will receive $300 for the keys and to vacate the address of the home. At that point, you have the get the property secured. 

    If they are not interested, then you'll just have to go through the eviction process. You need that writ (order of eviction from the judge). If you need any assistance, feel free to let me know.

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  • Eden Burgard
    OP
    Investor · Ann Arbor, MI · Member since 2016 · 4 posts · 1 vote
    9y

    So to make sure I am clear, I can just write up something and have them sign it?

    I might not be clear of the situation, the property is vacant but they have 6 months for redemption.  I want them to sign something, whether it is cash for keys or something else in order to end the redemption period and be able to fix it up.

    Is there any other form or letter I need to have? trying to avoid court process.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    this varies from state to state.. Like here in Oregon you MUST OWN the redemption rights .. How do you do that you ask... Well you get the present owner who lost it to deed you the rights. not just some form letter..

    this is a simple question for a local attorney.. spend a few hundred and do it right... free advice here on BP is worth what you pay for it.. when your talking these issues that are a tad more complex and you have no clue as to what your doing.

    Now down in Alabama I fund a LOT of foreclosure stuff like this that has one year redemption rights and there we bond around it... simple form from title company...

    there ya go good luck

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    1Reply
  • Eden Burgard
    OP
    Investor · Ann Arbor, MI · Member since 2016 · 4 posts · 1 vote
    9y

    Thanks for the input.  Local attorney said they can give up the redemption in MI.  With keys for cash for example.  I guess I need to find out if I can come up with a simple agreement or find out if there is a special form for that.

    0Reply
  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    9y

    Oh come on Jay, it has to be worth double that.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    have same attorney draft you a one page agreement that works.. done and off you go.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    0Reply
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