The worst thing that can happen to you as a property owner is to have a tenant leave without paying. Defaulting on rent can be financially devastating, especially if you are still in the process of paying back your loan. That is why it is important to find the fastest ways to recoup some of your losses while you look for a new tenant. Luckily, there are a few strategies that you can use to recoup those losses, the most efficient of which is taking out a lien on any property left inside the building. How to Take Out a Lien The lien process is surprisingly easy, and while there are several steps involved in taking out a lien against someone else’s property according to California code 1993 – 1993.09, once the lien is carried out you can take all of the assets left in the building and sell them through the RL Liquidators system.
- Written Notice to Tenant – The first step is to make sure you’re able to get a written notice to the tenant. It must be very clear, where the property you want to place a lien upon is reasonably described. You will need to satisfy all of the requirements of California Code 1993.03, with an example available for 1993.04. Make sure you keep a copy for your records. If you do not know where the tenant is, you can send the notice to the vacated address.
- Wait 15 Days – You will also need to wait approximately 15 days before you can make any moves, or 18 days if you mailed the document. During that time all property must remain as is or placed in a safe location.
- Sell at Auction – By law, after the time has passed, if it is reasonably believed that you can receive over $750 or $1 per square foot, the items must be placed at public, competitive auction. All sales costs are subtracted, and the landlord receives the remainder of the value. If for any reason the items left by the tenant are valued under $750, they may be kept or disposed of at will.
Of course, not all lien liquidation is created equal. That’s why it’s also very important that you send those assets to liquidation with a trusted company that knows how to get you the most value for the property. RL Liquidators is proud to provide these lien liquidation services to the Northern California area, helping property owners recover the maximum value they can from their properties. RL Liquidators uses state of the art online auction software, incredible organizational support, and years of experience to get you the best value possible from your lien liquidations. We are confident that when you send seized assets to RL Liquidators, you’ll get exactly what you hoped from the lessee’s property, and recoup some of the losses you took from their default. Contact us today to find out more.