I'm about to go under contract on a property that has a lot of junk in the yard - car, 20ft boat, 2 refrigerators... you get the picture. Any suggestions as to ways to deal with this situation? The contract says the seller will remove all personal property, but what recourse do I have, other than backing out or delaying closing until the property is removed? I fear getting rid of these large items could be costly. Thanks for your input!
I think this could be a good opportunity to generate some capital. I know in my area the refrigerators could net you about $15 at the scrap yard. We have companies that "Buy Junk Cars" so the car could fetch $300+. Then with the boat I would call local marinas/boat yards to see if anyone Rehabs boats. I think you may be surprised with the opportunity this could present.
If they are not gone before you close , have a large sum held in escrow to cover this
Add a provision to the contract providing for a deadline for removal with a per diem for storage or damages for failure to remove. Escrow seller funds to deal with removal.
The problem with boats and cars is they are titled. You can't just destroy somebody else's vehicles unless they sign the titles over or follow local law on the process -- which is never quick and easy.
I’m not sure what the process is in your state, but in CA there are a few forms you file with the DMV in order to gain title to the abandoned vehicles. In some situations, you have to put a lien on the vehicle while the DMV tries to contact the previous owner. It will be challenging to sell and/or dispose of the vehicles without first obtaining title. Just make sure you factor in the time it will take if the previous owner can’t sign the vehicle titles over to you.