InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Dealing with abandoned personal property... Posted by Ward-CA- on January 05, 2004 at 9:18 AM In Reply to: taking possession posted by mary sleeper on January 04, 2004 at 9:34 PM : We foreclosed on a house that was being remodeled. No one was living in it at the time so we did not give a three day notice to vacate. Upon entering the house we noticed numerous tools, appliances in boxes, and miscellaneous construction supplies still there. We changed the locks and I guess our next step would be to file a notice of right to reclaim abandoned personal property. What property would be considered the prior owners?? Everything not attached to the house,? or just the tools,? what about the appliances in the boxes and miscellanous fixtures and construction supplies like wire, plumbing parts etc? Should we have filed a three day notice even know no one was living in it at the time? =?=?=?=?=?=?=?=?=?=?= Mary, You don't have to deal with the 3 Day Notice to Vacate if the foreclosed property is unoccupied. However, you do have to deal with the personal property by photographing everything in place before you inventory all of it and move it into storage. Assume that all the personal property is owned by the former occupants. Personal property is defined as any property not permanently affixed to the permanent improvements or ground. In CA you are required to give notice to the former occupant that they have left personal property behind. [Civil Code §1980-1991] The form is called Notice of Right to Reclaim Abandoned Personal Property. You have to mail the notice to the previous occupant, giving them 18 days to contact you to reclaim their property. Once the notice period has lapsed you have to decide whether the value of the abandoned property is worth more or less than $300.00 dollars. If the value is less than $300 then you can dispose of the property any way you want, or keep it for your own use. If it is worth more than $300 then you have to advertise a formal, arms-length, public sale of the property by competitive bidding. From the sale proceeds you can deduct the cost of sale, storage, and advertising, and then deposit any remaining surplus with your county treasurer within 30 days of the sale date. The owner of the property then has one year to claim the surplus from the treasurer's office. Hope this helps. Follow Ups: Re: Dealing with abandoned personal property... Kawika Ohumukini 11:03 AM, 01/05/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : We foreclosed on a house that was being remodeled. No one was living in it at the time so we did not give a three day notice to vacate. Upon entering the house we noticed numerous tools, appliances in boxes, and miscellaneous construction supplies still there. We changed the locks and I guess our next step would be to file a notice of right to reclaim abandoned personal property. What property would be considered the prior owners?? Everything not attached to the house,? or just the tools,? what about the appliances in the boxes and miscellanous fixtures and construction supplies like wire, plumbing parts etc? Should we have filed a three day notice even know no one was living in it at the time? : =?=?=?=?=?=?=?=?=?=?= : Mary, : You don't have to deal with the 3 Day Notice to Vacate if the foreclosed property is unoccupied. However, you do have to deal with the personal property by photographing everything in place before you inventory all of it and move it into storage. Assume that all the personal property is owned by the former occupants. : Personal property is defined as any property not permanently affixed to the permanent improvements or ground. : In CA you are required to give notice to the former occupant that they have left personal property behind. [Civil Code §1980-1991] : The form is called Notice of Right to Reclaim Abandoned Personal Property. You have to mail the notice to the previous occupant, giving them 18 days to contact you to reclaim their property. Once the notice period has lapsed you have to decide whether the value of the abandoned property is worth more or less than $300.00 dollars. : If the value is less than $300 then you can dispose of the property any way you want, or keep it for your own use. If it is worth more than $300 then you have to advertise a formal, arms-length, public sale of the property by competitive bidding. : From the sale proceeds you can deduct the cost of sale, storage, and advertising, and then deposit any remaining surplus with your county treasurer within 30 days of the sale date. The owner of the property then has one year to claim the surplus from the treasurer's office. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455