Agents Use 'Cash for Keys' to Stem Owner Vandalism

Foreclosed properties bear marks of parting shots
By Jim O'Neill,  Newser Staff
Posted Mar 28, 2008 10:23 AM CDT
Agents Use 'Cash for Keys' to Stem Owner Vandalism
Prospective buyer Marcia Coleman takes a last look at the home she just viewed during the Foreclosure Bus Tour in Orlando, Fla., Saturday March 15, 2008.   (AP Photo/Peter Cosgrove)

(Newser) – Banks and mortgage companies are hoping a “cash for keys” policy will stem a growing problem for lenders taking possession of foreclosed homes: dispossessed homeowners trashing their houses on the way out the door. Cheaper and faster than eviction proceedings, the policy is "win-win for both parties," an agent who handles foreclosures tells the Wall Street Journal.

Half of real estate agents in a new survey say repossessed homes have suffered "substantial" damage. Missing appliances, paint where it doesn't belong, and vandalism committed by locked-in pets are just a few of the problems. A couple of thousand bucks to keep a property from falling victim to what the agent calls "a vengeance-type thing" may seem cheap. (Read more foreclosures stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X