Code Enforcement Departments for Counties and Municipalities across the United States have been grappling with the increased workload issues created by the rising number of vacant and abandoned properties due to the continuous pursuit of foreclosures by mortgagees (banks, lenders, and lien-holders). This is sometimes called cash for keys.” Tenants can agree to vacate the unit before their legally entitled 60-day notice period if they want to, but certainly don’t have to. A cash for keys offer will almost always require the home to be in broom clean condition before payment will be made.
Because properties purchased from HUD are sold as is, and because foreclosed homes can have damage ranging from simple poor upkeep to stripped copper, the only reason you do that is for profit,” says Steve Stout, residential field supervisor at the Oklahoma County Assessor’s Office.
In a 2002 book, The Fragile Middle Class, co-authored with Teresa Sullivan and Jay Lawrence Westerbrook, she wrote that foreclosures are notorious for fetching low prices.” And as a professor at Harvard Law School, in the wake of the financial crisis, Warren served as a member of the congressional panel overseeing the Troubled Asset Relief Program.
At the end of August, the nation’s banks, along with Fannie Mae and Freddie Mac, had an inventory of more than 816,000 foreclosed properties on their books waiting for a buyer, according to RealtyTrac An additional 800,000 are working their way through the foreclosure process.
To put this in perspective, this means that there will be over 2 million foreclosures a year and more than $2,025,000,000 up for grabs in money that will be spent on cleaning up these foreclosed properties (since the average bill is $1000+ to clean up one of these properties).