Cash for Keys

Cash for Keys vs Eviction in Metro New York

carrying costs avg 1.5% per month, average asset is $175,000 - avg cost per month to maintain asset is $2,625.

avg time to evict in nyc is approx 4 mos - 6 mos, thus avg cost is $10,000 - $16,000 plus legal fees.

if we can budget accordingly, obviously CFK pays !

our cfk procedure:

initiation of listing
post occupant notice immediately (see sample)
if no response post again in 3 business days, post 2 more times, if no response, send to eviction atty as john / jane doe occupants
if response set appt to meet occupant (get full name(s) and contact info), if there are multi occupants ask for their info too, try to meet everyone at once and then have indiv meetings after you have reviewed the basics
approach occupants in a non threatening but strictly business manner. do not overdress, try to dress more casual. be friendly ! they have to like you and trust you.
state why you are there and offer proof (deed, any other docs) that you have a right to be there, state the you don't want any of their money, actually you might have money for them
ask them if they know the prev owner or where the prev owner might be and are they the prev owner
if they are not the prev owner - state they we have a common enemy (the prev owner) they prev owner did the wrong thing to both of us but we have to deal w/ each other. we have no problem or any malice toward them as an occupant, actually we are here to help
review w/ them their 3 options:

1. buy the place

2. accept $$ to vacate

3. be evicted

advise that we prefer 1, 2 is great and 3 is bad for everybody however the next step and choice is up to them (the occupant). from this point forward they control what happens we just make sure it happens
have occupant sign CFK agreement, sign one and provide a copy to them to make official
exchange $$ for keys upon vacancy (try to get broom clean but don't cancel the deal over debris) the objective is to get them OUT asap !
room by room inspection, including closets, attics, etc
take photos of every room, documenting condition
have the occupant sign that they have recd the $$ and that all remains are garbage and they have surrendered the keys to us
immediately secure the property and order appraisal

For more information, please contact Glen Calderon or Shelly Irizarry

(718) 835-8800x203 or reo@glensold.com