At what point does other's abandoned property become yours?

Bought a foreclosure this week. Opened the garage, there is a 10 year old honda motorcycle in there. Looks like its been there for awhile... No plates, no tags, etc.

Homeowner abandoned the property, bank put everything in dumpsters, but left the motorcycle...

Now what?

Does it belong to me?

What do I do with it?

Its probably only worth a couple of grand, but would be fun to work on for the summer...

 

what model?

 

What we do is send out a certified letter to the last address of the known owner. Ie, the address of the house you bought. After a certain period of time you can dispose of the item. That period of time varies by state.

 

You could start out by making a discrete inquiry with the VIN# to see if it's stolen (check some bike shops and the local police). If it's on a "hot list" somewhere, you'll eventually lose it if ever discovered (like at Sturgis where the cops go around checking #s and collecting bikes). The DMV should have the most recent registration information.

 

I have been out of the bike scene since being married, and I only had a quick look at the bike...

Looks like a cb750 or cb1000, basically a standard bike. Someone put a Voyager type front fairing on it. Tires are holding air, no rust...

Steven, I don't really want to get rid of the bike...

There is no way my wife would let me buy a bike right now, and I wouldn't ask. But if its "free", well then, I could probably keep it...

Is there a time limit on this stuff?

If someone buys an old barn and finds a 70 year old Duesenberg in there... who does it belong to???

I know that by law the stove, fridges, furniture he left is now the banks, and therefore mine. Its not like I have to hunt him down to give it to him. The bank sent out tons of notices that he "abandoned" the property, and threw most of it in dumpsters... He had 1 years to get the property, and didn't...

How is the bike different?

 

Oh I know. I have three garages right now full of stuff that tenants have left behind. The big sale is coming up in a month or so.

 

Lien sale it to yourself.

 

Your state has specific laws regarding abandoned property. You may have to store it for a while and see if it gets claimed. If not, it's yours.

But, I take it it was an REO in which case it might be the banks responsibility and not yours. It could very well be up for grabs now. No one is going to claim it.

 

Do I need to get any notices from the bank that the tenant was given notice to get his property? Perhaps that is all the DMV needs?

Steven... I do the same with abandoned property as you do... give notice, store or sell it. Here, in Wisconsin I was always told you had to put it in storage for 1 month. The banks clearly don't do that - it all goes in a dumpster. It just seems to me that objects such as car/motorcycles are more complicated...

The DMV will want a title to register it, and I don't have one... I don't think the DMV will give a rats azz that the property is abandoned, etc...

 

You might be okay but a recent (since the 60s) motor vehicle typically has a title registered with the state. It's sort of a separate entity and has a proven chain of ownership. If it belonged to the guy that skipped it's probably yours now. If he stole it, maybe, maybe not.

 

This would seem to be the kicker. As others have said, it's highly unlikely that the previous owner of the bike is going to seek it out. Your challenge will be obtaining a title and registration with the DMV.

 

bump

 

Please explain...

I don't understand how to lein sale it to myself?

 

Not thread related - What part of WI is the house located?

 

Just do a cash deal to someone and be done with it. There's ways to produce a title so let someone else deal with it. You might lose $500 or so with no title but what's your time worth screwing around with it?

 

Ask Mr. Jay Leno that one.(minus offing the guy you bought the car off from the garage so he doesn't start singing)