I recently purchased a foreclosed property in Lake County, IN that contains furniture and other personal

Asked by Louie, Michigan City, IN Thu Jul 16, 2009

posessions. Can I dispose of them.

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Steele V. Propp’s answer
Steele V. Pr…, , Minneapolis, MN
Sun Nov 1, 2009
Although the prior advice was given some time ago others may benefit from the following information.

As an REO listing agent I will regularly find items of some value (usually not much) in a property that the bank now owns. Can we just throw it out (or keep or sell it) as suggested by another writer? Absolutely not. It somewhat depends on the state the property is located in but if there is value over a certain amount (in my area, $300) a personal property eviction should be done. This is done by attorneys and includes posting the property for 30-60 day (again, depends on your local statutes) with a notice that personal property is in the house or stored elsewhere and how the owner can retrieve it. If they don't by a certain date you will dispose of it.

Otherwise one can throw the stuff out and then be faced with potential charges later. And the value of what you disposed of is going to skyrocket (in my experience). I would take pictures of everything immediately, make a list and have witnesses. That way if you do a personal property eviction and follow everything properly you have supporting evidence. Just in case.

One should always check with an attorney on things like this.

Trash can be thrown immediately :>)
0 votes
Patrick Howa…, Agent, Edina, MN
Thu Jul 16, 2009
If you've closed on the property and the Deed is in your name, yes you can dispose of the personal property.
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Cameron Piper, Agent, Forest Lake, MN
Thu Jul 16, 2009
Louie,

In MN you could (where the question was posted) but I can't say what can be done in Indiana. You may want to repost this question in Indiana so that some agents there can hop in and give you some better advice.

Cameron Piper
Web Reference:  http://www.campiper.com
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