County Tax Deed Overages - How To Make Big Finders Fees
If you've ever attended tax sale, you've almost certainly noticed that
a lot of properties get bid way up over the opening bid amount, which is usually the amount of tax and penalties owed. Did you ever wonder what happened to that extra money? That money is county tax deed overages, and a few smart investors out there are making a killing off them from finders fees - and it's the perfect home-based business to start now, with foreclosures at an all-time high.
Those county tax deed overages are generally held for the original owner to come in and claim. Unfortunately, since it can take a long time for a property to go to tax sale, many times the delinquent owner is long gone (or long dead) and has no idea that the property even went to tax sale. Generally they have no idea they're entitled to anything, and the money just sits there until eventually it reverts back to the government.
Because these funds are held outside the state level, county deed overages aren't subject to the same limits on finders fees that, say, bank accounts and stock dividends being held by the State Unclaimed Funds agency are. This means that money finders can charge 30-50% on these transactions legally. These real estate overages routinely run into the tens of thousands of dollars. That means that on your worst transaction you'd be making in the mid four figures, and five-figure finders fees are the rule, not the exception.
The best part about collecting county deed overages for a living is that it can be done from your home office - even if you live halfway across the world. All aspects of the business can be done remotely - while you're in your pajamas - and it takes almost no overhead to find these records, find the owners, and set up claims.
by: Maggie Dawson
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