Charles NoonanPresident, Landbank University · Real Estate Developer & Instructor

THE REAL ESTATE SECRET YOU DON’T KNOW 😳🏘️ #entrepreneur #realestate #foreclosure #taxdeeds #shorts

3 Nov 2024 · 1 min

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0:48

Short transcript discussing recovery of excess proceeds (‘overage’) when properties sold for more than owed delinquent taxes. Speaker A explains that after a tax-foreclosure auction, the former owner is owed the difference (example: $500,000 sale vs $100,000 owed → $400,000 overage). Many owners are unaware; Speaker A estimates ~90% don't know and only ~20–30% receive the funds. The content is an explanatory short-form dialogue about missed owner recoveries and county duties.

Questions this video answers

$100,000

$500,000

About 90%

Approximately 20–30%

You made a person $400,000 who lost their property to a tax foreclosure?
That's correct.
How?
When they lose a property, let's say they owe the county $100,000 and that property goes to sale at the auction for 500,000, the owner that lost that property due to defaulted taxes is owed that 400,000. The county has a fiduciary duty to let the owner know. But what a lot of the counties do is they send it to the property that they lost that they're owed this money. So 90% of owners that have lost their property due to tax deeds or foreclosures don't know they're owed this money.
What's the percentage you think of people that get the overage money?
Probably 20 to 30%.
Okay.
There's over $4 billion worth of excess proceeds out there ready to collect. However, the caveat is a lot of these counties have reduced.