Abandoned Personal Property Auctions & the REO Industry Experts
After 1000’s of auctions we are THE ABANDONED PROPERTY EXPERTS in the disposal of abandoned personal property! After this volume of business it is fair to say we have developed a business model that truly works. And with our commitment of keeping our clients 100% compliant with all state laws regarding the disposal of abandoned personal property. We simply get the job done.
In this ever changing landscape of regulatory compliance, the industry is now moving towards a more preventative compliance structure rather than a reactionary stance. This is where Synergy Partnerships can assist all of our clients to make sure they stay 100% compliant in all areas including the disposal of “abandoned personal property.”
Many Industry Experts from Loan Processing Companies, Compliance Law Firms and Realtors within the REO industry have been unknowingly disposing of “abandoned personal property” illegally. With Agencies like the Consumer Financial Protection Bureau assessing fines for non-compliance issues, it pays to be proactive and preventative.
State Codes Differ in their Treatment of the Handling of Abandoned Personal Property
Florida, California and Nebraska have very similar Civil Codes which govern how one can legally dispose of “abandoned personal property”. All states civil codes evolve around the value of and the replacement cost of the personal property.
- Florida Civil Codes starts in chapter 715 running through 715.111. There reclaim period is 10 to 15 days. The minimum replacement cost for personal property in Florida is $500.00.
- California Civil Codes starts at 1980 through 1991. There reclaim period is 15 to 18 days. The minimum replacement cost for personal property in California is $700.00.
- Nebraska Civil Codes start at Chapter 69 Article 23 Sections 1 through 14. There reclaim period is 7 to 14 days. The minimum replacement cost for Nebraska is $1000.
- Arizona, Minnesota, Nevada, South Dakota and New Jersey have mandatory “Storage Holding Periods” before you can dispose of the “abandoned personal property”. These periods range from 10 to 60 days.
As it is clear to see with Florida, California and Nebraska if a couch or dining room set is left behind that property would mandate and qualify for needing a “public sale” auction to dispose of the “abandoned personal property.”
Given the current and growing need for complete compliance, why take a risk of being non-compliant. Allow Synergy with our proven record of correctly and legally handling the disposition of “abandoned personal property” keeping you on the right side of compliance.