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#331146 - 03/15/10 12:53 AM
REO listing on hold due to personal property.
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Veteran Member
Registered: 12/28/06
Posts: 809
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I have a very hot listing which is on hold due to the presence of personal property...a junkie old truck. The listing has been on hold for several weeks now. I have been in contact with the AM twice. Each time she refers me back to the Evict. Specialist. I have contacted him asking about updates...nothing, he says its on a lawyer's desk.....Does anyone know how long these situations take to clear up? Is there anything I can do to expedite the process? I would like to hear from others whom have gone through a situation like this. Thanks
Edited by MArealtor (03/15/10 01:15 AM) Edit Reason: spell
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#331152 - 03/15/10 05:18 AM
Re: REO listing on hold due to personal property.
[Re: MArealtor]
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Major Contributor
Registered: 11/15/06
Posts: 2050
Loc: The Middle of the Interstate
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I think it depends on the state laws regarding disposition of personal property as well as the client's policy. For instance, it is generally considered abandoned in Pennsylvania, but most of my clients still have me post a notice on the front door giving the prior owner 30 days to contact us for access. Others ask for a determination of the value of what is left and have some kind of $ amount they will remove immediately if it is below a certain threshold. I had one at the beginning of February that was clearly vacant (no water service, mailbox stuffed with mail) but had a boat, a motorcycle and 4 rooms of furniture. Heck, the dining room table was set for dinner. The former owner called me 2 weeks later and arrangements were made to get his belongings. He was happy, the trashout of the items left was very cheap and it is already listed.
_________________________
Broker-Owner Thirteen Years REO Experience GRI,CRS,CRB,e-Pro
Some days I feel like the bug, other days I feel like the windshield
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#331164 - 03/15/10 08:22 AM
Re: REO listing on hold due to personal property.
[Re: PA Roadkill]
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Major Contributor
Registered: 06/30/09
Posts: 2255
Loc: Margaritaville
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Depends on state law, the eviction attorney, the judge, etc. FL is considered a fast eviction state. PP evictions average 5-6 weeks. However, we had one that was 5 weeks shy of 1 year for a PP Eviction. No idea why that one particular property took so long.
_________________________
"Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind." Dr. Seuss
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#331190 - 03/15/10 11:49 AM
Re: REO listing on hold due to personal property.
[Re: PhoenixReo]
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Major Contributor
Registered: 09/24/06
Posts: 1967
Loc: US
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Where is the car at? Im not suggesting you do this, but if you can get the car in the street it becomes the cities problem. They sell things that go under the wheels to move a car around, but you have to jack each side up.
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#331193 - 03/15/10 11:53 AM
Re: REO listing on hold due to personal property.
[Re: PhoenixReo]
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Major Contributor
Registered: 09/24/06
Posts: 1967
Loc: US
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Where is the car at? Im not suggesting you do this, but if you can get the car in the street it becomes the cities problem. They sell things that go under the wheels to move a car around, but you have to jack each side up.
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#331209 - 03/15/10 01:09 PM
Re: REO listing on hold due to personal property.
[Re: BpoBill]
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Veteran Member
Registered: 07/12/07
Posts: 707
Loc: California, USA
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If its just a car why can't you list the house anyway? I have the same situation with a car now and we will probably list the house and let the buyers know it will be removed after the 18 day posting is up.
I have also had cars rolled into the street for the city to pick up. A police officer actually recommended I do that when they came by after a neighbor reported an unregistered car in the driveway.
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#331210 - 03/15/10 01:27 PM
Re: REO listing on hold due to personal property.
[Re: savvycyn]
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Veteran Member
Registered: 12/28/06
Posts: 809
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Well, if it were my decision, I could take care of it immediately. I know a guy that makes junk cars dissappear...but the asset management company has their procedures. I think they are just handling it by the book.
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#331216 - 03/15/10 02:08 PM
Re: REO listing on hold due to personal property.
[Re: MArealtor]
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Major Contributor
Registered: 05/01/05
Posts: 8476
Loc: georgia
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Yes disposal laws vary by state along with the foreclosure process.I wouldn't do anything until you get the go ahead from the attorney that the eviction specialist is working with. In my state the law is if it is determined to be under 500 in value you can trash out without eviction BUT if the value appears to be over 500 you go through eviction. So if it's close you evict so as to not face a lawsuit for personal property damages. That 100 desk always turns out to be an heirloom worth 5,000 so the former owner says. 
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#331270 - 03/16/10 02:07 AM
Re: REO listing on hold due to personal property.
[Re: truno]
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Veteran Member
Registered: 12/28/06
Posts: 809
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In my situation, I think the lawyer will probably make 10 times the value of a truck with 200k miles (and a rusted-out body) will ever be worth. I just don't understand why the asset managment company doesn't put the car in storage and go forward with the sale. The house continues to depreciate as each month goes by. In my area, I bet I could have the car stored at a local garage for $150 a month. So, the car goes to a local garage, the eviction continues, and the property is simultaneous marketed....makes sense to me.
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#331272 - 03/16/10 05:04 AM
Re: REO listing on hold due to personal property.
[Re: MArealtor]
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Moderator
Veteran Member
Registered: 01/13/10
Posts: 726
Loc: Maui, HI
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MA, sorry to hear about your situation. As has been previously stated it varies from state to state. And you are right, the AM should have more aggressive policies to put properties under contract and not be held up by seemingly mundane details. Good luck and update.
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#331368 - 03/16/10 06:46 PM
Re: REO listing on hold due to personal property.
[Re: Don Price (Pine)]
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Major Contributor
Registered: 10/14/06
Posts: 1652
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I'm seeing more PP evictions. One of my clients told me today they had to pay $70K judgment recently because they disposed of personal property without going thru the eviction process.
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#331382 - 03/16/10 10:16 PM
Re: REO listing on hold due to personal property.
[Re: seasaw]
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Veteran Member
Registered: 08/17/07
Posts: 815
Loc: Houston, TX
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We're at least at the 5 week point on a PPE where nothing was left in the house but a few books and a MODEL car (you know, tiny scale model). I've lost my easy breezy double end on that one for $550K as my buyer has decided not to stick around for the grand finale.
Another one where we can't get access to the property because they've decided to do a PPE, but the trashout company got access and completed their job before they decided to evict the contents. Uhhh, yeah. I'm sure there's something of value left in there but I just can't see it. They also lovingly left all the lights on or something else cranking the electricity bill up, the one I get to pay for a house I can't get into.
_________________________
MBA, Realtor since 2004 Co-owner of two brokerages
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