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Linda Williams-Jasper
  • Investor
  • Fredericksburg, VA
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Has anyone ever heard of this?

Linda Williams-Jasper
  • Investor
  • Fredericksburg, VA
Posted May 20 2015, 10:44

Okay, before I found Bigger Pockets I actually paid for a coach/mentor that I met during an unrelated business transaction.  I wish I hadn't; I guess he's sorta mentoring me, but not really.  Nevertheless, he recently sent me an email that contained the following:

"Now let me tell you about something that came to me. In all of the counties across America houses are being seized for back taxes and auctioned off. After the auction the county takes the back taxes out of the proceeds. The remaining money goes into a fund for three years. It varies from county to county. The family who lost their home is entitled to that money. 90% or more do not know this. The only thing the county does is after the auction they send a letter to the address of the house the people no longer live in to tell them about it. Only one letter! This is a crime. The term for the process of identifying the money as abandoned and moving it into county coffers is called "escheatment". So there has been an ongoing business of locating the people and working as their agent to get the money to them. Usually the fee is 30%. Some of the counties have legislated the allowed fees collected to protect the losers of the homes so they get more of their money. Ha! It is really to try to reduce people from going into this business so the counties get to keep the money they are stealing.

As a coach my job is to get you to do things that will move you forward. So now I am going to put one on the table for you to think about. The best company I have found charges $1600 for everything needed to do this business..." You can guess where the rest of the email heads.  Now I am not a professional, so I  am speaking from my own experience...  In my own short sale in 2010 I was told that if my house sold for more than the asking price I would get the difference.  So I see some of what he's trying to say, but I didn't think that applied to tax lien properties. I don't plan on getting into with him, but I am researching it because it just sounds strange.  Has anyone ever heard of this before?

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