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If the home owner does not pay their real estate tax, there can be a Tax Repossession by the local county and if that residential or commercial property goes to Tax Repossession public auction, there is often a prospective buyer that purchases the home for even more than what was owed in real estate tax. Let me clarify # 2 for you a little deeper say you owe $15,000 in real estate tax on your house and your residential or commercial property goes right into Tax Foreclosure.

Say the residential property sells for $100,000 and from that, the area takes their $15,000 they were owed for residential property tax. Unclaimed Tax Sale Overages. What takes place to the remaining $85,000 that the staff of court has in their bank account? The homeowner needs to make a claim to the county clerk and the court generally reviews these claims and honors the property owner his cash

The county government HAS NO responsibility to inform or tell the previous property owner. J.P. Morgan states these Tax Repossession sales produce virtually 13.6 million dollars in overages, or equity, each and every single day. It's extraordinary! They do NOT tell the previous proprietor this equity results from them due to the fact that if it's not collected, the government gets to maintain that cash after a fixed quantity of time.

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My buddy, Bob Diamond, is a specialist in this specific niche of overages and aids property owners get the cash that's due to them. He simply lately told me that they currently have 2.2 million dollars in overages under agreement in his office and they will certainly obtain charges of around 30% of that 2.2 million.

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There are a couple of points you will certainly require to be successful in the excess organization. Right here are the 4 basic steps you will need to adhere to: Learn that is owed the cash and that to obtain a targeted listing. Tax Sale Overage List. Because Bob is a lawyer, he understands specifically just how to get the list needed to find these former house owners

The overages market is a fantastic location for a real estate beginner to begin their profession. Begin with tax obligation sale overages, and after that work your way up to extra difficult funds like mortgage foreclosure overages and unclaimed estates.

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This is also a fantastic method for a person who does not wish to deal homes any longer to remain in the genuine estate market without obtaining their hands too filthy. Bob describes this as the "Altruistic System" and if you believe about, this name completely makes good sense. There is a considerable quantity of money in it for YOU as an expert that would certainly be discovering this money for individuals from the federal government.