Cash for Keys

The following article can be found at: http://cbs13.com/local/cash.for.keys.2.651785.html

Keys' Becoming More Common
Reporting: Mike Dello Stritto
SAN FRANCISCO (CBS13) ― It's called "Cash for Keys," and it's been happening for years, but the strategy has been kept quiet. Until now.

Houses in foreclosure, people in a panic, and in walks realtor Stephanie Guardino-Rodriguez.

"This is an absolutely insane market," said Stephanie. "I've never seen a market like this."

Stephanie works for the banks, making cash-for-key offers most people can't refuse. The deal is simple: Occupants get out within 30 days without trashing a house, hand her the keys, and she hands them back a check from the bank. Then it's done.

Usually, that check is for $1500, but there's always negotiation.

"I've seen them go up to $3000," Stephanie said.

But cash-for-keys really helps the bank, saving them thousands on the costs to evict and clean up. Homeowners often have months of notice before foreclosure, but that's not the case for everyone.

"A tenant, especially, may not know at all," she said.

Such was the case with David and Edra Price.

"She gave me the call that said the house was going into foreclosure," David said.

They found out their family was about to be kicked out, their second rented home foreclosure in a year. They were desperate to make sure it didn't happen again, and then came the idea: They would buy the house.

"It's been approved," said Stephanie. "It was approved today for them to purchase this home."

Their 3-bed, 2-bath dream home for $210,000. One happy ending in a sea of For Sale signs and the sad stories behind them in the foreclosure capital of the country.

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