Can you buy unclaimed property

The best thing you can do is get preapproved beforehand. Even if you do get preapproval, mortgage loans are typically contingent on a home inspection. But that contingency should be part of your offer whether you're paying cash or financing through a mortgage. Preapproval will give the seller the reassurance necessary to accept your contract, but an inspection will give you the peace of mind you need. Stephanie Faris has written about finance for entrepreneurs and marketing firms since She spent nearly a year as a ghostwriter for a credit card processing service and has ghostwritten about finance for numerous marketing firms and entrepreneurs.

Real property may not be abandoned. See Adverse Possession. At common law, a person who finds abandoned property may claim it. To do so, the finder must take definite steps to show their claim. For example, a finder might claim an abandoned piece of furniture by taking it to her house, or putting a sign on it indicating her ownership.

For example, if tenants leave personal property behind after an eviction, landlords typically are required to store the property for a period of time and notify the former tenants that the property is being kept. If the former tenants return to reclaim their property, the landlord can charge them reasonable storage fees. After that period passes, the landlord is free to sell the property, throw it away, or keep it for himself. Take the property as your own.

If the true owner never reclaims the property, you are free to take it. Method 3. Check state or local law regarding abandoned vehicles.

All states have laws regarding abandoned vehicles, but your city or county may have a stricter or more specific ordinance. Make sure the vehicle is actually abandoned. Just because a car is broken down doesn't necessarily mean its owner intended never to claim it again. However, if a car is stripped or burned, or if it's missing significant parts, it's a pretty safe bet that it's been abandoned.

Contact local law enforcement. In most states, if you find an abandoned vehicle you must call local law enforcement and report it — even if you find it on your own property. Make sure you call the police or sheriff's department's non-emergency number — not — to report an abandoned vehicle. For example, in Michigan, you can't claim an abandoned vehicle on your private property, but you may have the opportunity to bid on it at public auction if it remains unclaimed.

Contact the owner. If you have the owner's contact information and you want the car yourself, you may be able to work out something with the owner before his time to reclaim his vehicle runs out. In some areas, police place a warning sticker on the vehicle instructing the record owner that it will be towed and auctioned if not moved within 24 hours. If the owner moves the car, the period of time starts over.

Even with the owner's consent, you typically will be on the hook for title, registration, and towing fees, as well as whatever repairs are necessary to get the vehicle back in working order.

Bid on the vehicle at auction. If the county or state took ownership of the vehicle, it will either be scrapped or sold at auction. If the vehicle is sold at auction, you have the ability to bid for it there. Some states require a vehicle be sold for scrap if it is in significant disrepair or more than a certain number of years old. Vehicles that are sold for scrap typically can't be re-titled. Include your email address to get a message when this question is answered.

Related wikiHows How to. How to. More References About This Article. Written by:. Search For Your Property. Find and Claim Your Missing Money. Search official government sites for billions in unclaimed property—quickly and easily. Claim Your Found Property. Search Beyond Your State. View the full map. Dormancy periods, reporting software, and resources to ensure business compliance.

Reporting Overview. State-by-State Reporting Information. Learn About State Reporting. State Member Login. What is unclaimed property?