Who own the "personal" property? - REO Property Preservation Forum
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post #1 of 21 (permalink) Old 02-15-2013, 08:41 PM Thread Starter
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Who own the "personal" property?

I've been doing property preservation for some time now and I still can't figure out who actually owns the personal property inside. If there's ever anything of value could I offer to buy it? Just never really could figure it out.
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post #2 of 21 (permalink) Old 02-15-2013, 09:12 PM
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Depends on state law.



For example in NE abandoned property can be reclaimed by the ''owner" for up to 5 years after it was abandoned.
Even then the property is supposed to be sold and proceeds offered to the state of NE to cover any out standing taxes owed.
Finally after all of that is properly covered then its finders keepers, loosers weepers.

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Amateurs are people that can't do their job even when they do feel like it.
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post #3 of 21 (permalink) Old 02-15-2013, 09:40 PM
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It's called "right of redemption".

Research & understand what the laws are in your state BEFORE you ever accept a "trashout" work order, or you could be out to dry by the national/regional that was counting on you to do the right thing.

Iíve already told you more than I know.
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post #4 of 21 (permalink) Old 02-16-2013, 06:57 AM Thread Starter
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With all the different companies walking through these foreclosed homes and having access, I just want to make sure myself and my employees aren't held liable for missing items if the occasion ever arose. Wouldn't it be hard to claim theft in these situations? I question these things because the integrity of my company means everything to me and I don't want to put myself in that position if I don't have to.
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post #5 of 21 (permalink) Old 02-16-2013, 07:31 AM
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If you have any question you need to check you local laws...Nevada has an abandon property law and after registered letters and 30 days it belongs to whomevers propertry the "personal property" is located on.....kinda of a loophole for vehicles and boats here....but you must send the Registered letter.....

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post #6 of 21 (permalink) Old 02-16-2013, 07:35 AM
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Quote:
Originally Posted by New Buffalo View Post
With all the different companies walking through these foreclosed homes and having access, I just want to make sure myself and my employees aren't held liable for missing items if the occasion ever arose. Wouldn't it be hard to claim theft in these situations? I question these things because the integrity of my company means everything to me and I don't want to put myself in that position if I don't have to.
When it comes to allegations of theft, be assured that the company you are completing the work for will quickly adhere to the "guilty - with a very slim chance of ever being proven innocent" philosophy.

Don't no one gots your back in this industry!

BTW, Right Of Redemption in Montana is ZERO days. Once a house sells at the Sheriffs sale, all personal property is considered abandoned, and becomes the property of the new homeowner.

Iíve already told you more than I know.

Last edited by PropPresPro; 02-16-2013 at 07:39 AM.
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post #7 of 21 (permalink) Old 02-16-2013, 07:47 AM
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Quote:
Originally Posted by New Buffalo View Post
With all the different companies walking through these foreclosed homes and having access, I just want to make sure myself and my employees aren't held liable for missing items if the occasion ever arose. Wouldn't it be hard to claim theft in these situations? I question these things because the integrity of my company means everything to me and I don't want to put myself in that position if I don't have to.
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Originally Posted by PropPresPro View Post
When it comes to allegations of theft, be assured that the company you are completing the work for will quickly adhere to the "guilty - with a very slim chance of ever being proven innocent" philosophy.

Don't no one gots your back in this industry!
.






Buffalo you are a wise man, wiser than the average P&P guy found on craigslist.

Ask Wannabe about these things, he can tell you all about how that goes down.

Professionals are people who can do their job when they don't feel like it.
Amateurs are people that can't do their job even when they do feel like it.
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post #8 of 21 (permalink) Old 02-16-2013, 10:21 AM
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Quote:
Originally Posted by New Buffalo View Post
With all the different companies walking through these foreclosed homes and having access, I just want to make sure myself and my employees aren't held liable for missing items if the occasion ever arose. Wouldn't it be hard to claim theft in these situations? I question these things because the integrity of my company means everything to me and I don't want to put myself in that position if I don't have to.
You should be worried, as there are a couple of not so honest P&P Companys in the Western NY area. I've seen it first hand believe me!
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post #9 of 21 (permalink) Old 02-16-2013, 10:35 AM
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Thjere are many aspects of your question that have to be addressed.

Yes KNOW hte LAW first and formost.
Take detailed Pictures of the property and MAKE SURE it is secured when you leave.
If there are questions about future aligations popping up LISTEN LOUD and HARD to them. Being aware and following my gut feelings It has saved my bacon to not be fried many times.

DO the property your self because then if there is an aligation that comes up you can answer clearly and with credibility when you subponieaed for a deposition. ( this is occouring in this corner as we speak)

BACK EVERYTHING UP ON AN EXTERNAL HARD DRIVE

If you do trash it out MAKE SURE TO KEEP THE DUMP RECIPTS as proof it was disposed.

FINALLY LISTEN TO YOUR GUT FEELINGS and play it safe
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post #10 of 21 (permalink) Old 02-16-2013, 10:43 AM
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first Get your States Statutes . then check for local Statutes as the local will trump the states every time

CYA and back your stuff up PICS PICS PICS, if possible when tipping at the landfill get a picture of unique items from the house IE the pink dresser that you have pics of during the loading and in the trailer then the pic as it comes off the trailer
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