I found an un-cashed money order at a property I just purchased..

I found an un-cashed money order at a property I just purchased..

Investor · Stockton, CA · Member since 2008 · 10 posts · 4 votes

I recently bought a Tri-plex. It's got a supply room that's separate from the living units. The previous owner cut a hole in the door and made a drop box for the tenants to leave their rent in so they didn't have to mail it. I was there today doing some work and I found an envelope with an $800 money order made out to the previous owner. It had fallen out of the box and was stuck behind some other things where it was out of sight. My instincts tell me that when I purchased the property this became mine, similar to if I had found a safe or cash hidden the walls, etc., since a money order is essentially as good as cash. Am I right to assume this? And if so, how do I get the money into my account with another person's name on the payee line? Can I just go into the bank and deposit it? Can I cross the name out and put my name there. I want to stay on the right side of the law here so any advice would be appreciated. The property is in California.

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Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
9y

Can you just change the name to yours......did you really ask that?

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    you can do all of that If you want to commit forgery...

    try to give it back to the person who ordered it or rip it up.. if it was true cash then keeping it would be appropriate in my mind. 

  • JD MartinBusiness Member
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    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
    9y

    If you want to stay on the right side of the law you shouldn't be asking this question. It's not really like finding a safe full of cash. Either way, what you are asking is unethical even if not illegal. Either call the seller and get it to them or tear it up and pretend that it never existed. 

    Skyline Properties
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  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    9y

    Can you just change the name to yours......did you really ask that?

  • Rental Property Investor · Agana, Guam · Member since 2015 · 71 posts · 11 votes
    9y

    I would be careful with this, or it could come back and haunt you. The right thing to do would be to return it to the Seller. The Universe returns good with good. 

  • Investor · Stockton, CA · Member since 2008 · 10 posts · 4 votes
    9y

    Thanks for all the replies. I've contacted the seller in order to return it to him. I think we can consider this question answered.

  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
    9y
    Originally posted by @Joshua Parrish:

    Thanks for all the replies. I've contacted the seller in order to return it to him. I think we can consider this question answered.

     Kudos. You never go wrong doing the right thing, even when things go wrong. 

    Skyline Properties
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  • Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    9y

    Of course you should do the right thing and return it.  

    FYI- it was probably reported lost anyway and will be flagged when processed.  Maybe not flagged at the time it is deposited or cashed, but it will be discovered.

    In most places, a money order reported lost or stolen can be re-issued after 30-45 days. They are a complete pain when one of your renters declares it was mailed or otherwise submitted but must be lost.  

    What was the date of the MO @Joshua Parrish?

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