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#331146 - 03/15/10 12:53 AM REO listing on hold due to personal property.
MArealtor Offline
Veteran Member

Registered: 12/28/06
Posts: 809
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]
PA Roadkill Offline
Major Contributor

Registered: 11/15/06
Posts: 2050
Loc: The Middle of the Interstate
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]
Grampa Offline
Major Contributor

Registered: 06/30/09
Posts: 2255
Loc: Margaritaville
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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#331170 - 03/15/10 09:07 AM Re: REO listing on hold due to personal property. [Re: Grampa]
PhoenixReo Offline
Member

Registered: 05/11/09
Posts: 279
Loc: Phoenix, AZ
I have one that is going on 5 weeks now. The car is in the back yard, is unlicensed, has no motor or transmission, the body is all wadded up, windows are broken out and it has absolutely no market value. I think attorneys are dragging these things out to build up billable hours. Just my opinion.

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#331190 - 03/15/10 11:49 AM Re: REO listing on hold due to personal property. [Re: PhoenixReo]
BpoBill Offline
Major Contributor

Registered: 09/24/06
Posts: 1967
Loc: US
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]
BpoBill Offline
Major Contributor

Registered: 09/24/06
Posts: 1967
Loc: US
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]
savvycyn Offline
Veteran Member

Registered: 07/12/07
Posts: 707
Loc: California, USA
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]
MArealtor Offline
Veteran Member

Registered: 12/28/06
Posts: 809
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]
super realtor Offline
Major Contributor

Registered: 05/01/05
Posts: 8476
Loc: georgia
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. smile

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#331267 - 03/16/10 12:33 AM Re: REO listing on hold due to personal property. [Re: super realtor]
truno Offline
Member

Registered: 08/17/08
Posts: 201
Loc: california
I just got through with a personal property eviction, the former owner did not come back for anything left behind and now the lawyer's office wants to hold an auction (for the personal property) that will take 4-6 weeks. The personal property hardly exceeds 300 and will cost more time and headache than anything.

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#331270 - 03/16/10 02:07 AM Re: REO listing on hold due to personal property. [Re: truno]
MArealtor Offline
Veteran Member

Registered: 12/28/06
Posts: 809
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]
Maui Offline
Moderator
Veteran Member

Registered: 01/13/10
Posts: 726
Loc: Maui, HI
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.
_________________________
Visit a Maui Blog , then view our ActiveRain page and Maui Wordpress Blog for local events and market stats. View one of the best values of Maui luxury real estate in this Honua Kai Condo For Sale.

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#331314 - 03/16/10 01:02 PM Re: REO listing on hold due to personal property. [Re: Maui]
Don Price (Pine) Offline
REO-BPO-R.E. Mod
Major Contributor

Registered: 03/12/08
Posts: 3272
Loc: Pinehurst, NC
I noticed that even in NC where we can move PP and store it - AMC would rather go through the process of storing it on the property, keeping it off the market for the extra 30 days. But in their defense - it is a cleaner deal with fewer potential consequences.

So all in all - the buying season is just starting - maybe things will work out.

Hang in there MA - it will eventually work out.
_________________________
Donald Price (Don)
Pinehurst, NC 'America's Home of Golf"

Pinehurst Real Estate | REO-BPO-Brokers.com | Blog | Join active|rain | Twitter | Facebook


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#331368 - 03/16/10 06:46 PM Re: REO listing on hold due to personal property. [Re: Don Price (Pine)]
seasaw Offline
Major Contributor

Registered: 10/14/06
Posts: 1652
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]
Highest&Best Offline
Veteran Member

Registered: 08/17/07
Posts: 815
Loc: Houston, TX
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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