Advanced: "Found Money"!

If you weren't able to catch a property before it was lost to tax sale, don't beat yourself up - because it may have received a high bid at the tax sale.

If so, there is likely a large sum of money due to the owner who lost the property - these funds are called "surplus funds", "overages", "excess funds", even "unclaimed tax sale funds".

In many states, if the county auctions a property and receives a lot more money for the property than the amount the county was owed (the tax amount), the county must pay those funds over to the former owner upon request.

Fact is, many former owners never learn of the existence of these funds which can range from a few dollars to over $100,000.

We can earn FAST cash by locating these unclaimed tax sale funds (it's all public record), contacting the owner, and recovering the funds for them.

We'll typically earn a 40-50% finder fee for delivering this unexpected windfall to the former owner.

Profiting from 'Found Money'
-After the tax sale, request a list of unclaimed tax sale overages from the county

-Locate the claimants using the internet

-Send letters and call the claimants - offer to assist them in obtaining their funds

-Collect the funds for up to 50% finder fee"

Want to get started in the Found Money business for only $97? Click HERE!

{ 28 comments… read them below or add one }

Jcoltme June 3, 2011 at 10:04 pm

How do I signup?

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Rick Dawson June 3, 2011 at 11:51 pm

Just click that big blue ad on the right of the page that says "Tax Sale OVERAGES" or, go to:

http://knockoff.hookedonoverages.com

See you in the training!

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Schneequa July 5, 2011 at 9:20 pm

Hi Rick,

I was just going over some details of this program called "Goldmine Surplus" and i guess the owner Shawn was explaining that collecting overages can not be done solely from home folks would have to actually go to the county courthouse because not all information can be obtained from online and that any program that is stating this is lying.. He also stated that its best to do deals locally because some states do have a stipulation on finders fees and then an attorney would have to get involved .. Is this true? What are your thoughts?

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Rick Dawson July 6, 2011 at 1:12 am

This could mean only 1 of 2 things:

1. He doesn't know how to do it (most likely)

-or-

2. He's lying ("close second").

Seriously, if you want to start a new career, learn from the originals, not the guys trying to get a free lunch after the fact.

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Schneequa July 6, 2011 at 6:02 pm

Ok thanx :)

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Lou July 9, 2011 at 2:14 am

Hi Rick,

I purchased your Deed Grabber E-book enjoyed the material, considering purchasing your Tax Sale Overage Program should I have any concerns about applying the Tax Sale strategies in Cook County, IL.

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Rick Dawson July 9, 2011 at 3:07 am

Well, yes technically - because Cook County doesn't have tax sale overages ;-)

BUT, the important thing to realize is that we rarely work in our home county or home state anyway. We get the records, contact the claimants, get the paperwork signed, and submit the claim without leaving home, even if we live in Massachusetts and work a claim in Caliornia.

You'll see that it makes no difference how far away from the area you choose, you actually live. We show you which states have tax sale overages right in the 50-state guide that comes with that material!

Hope to see you on board soon!

Rick

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brad July 10, 2011 at 8:16 pm

If I can get an owner to "quit claim" me his interest in the property after it was sold at a tax sale but before the redemption period ends, can I record that deed with the county and be in line to receive any tax sale overages as "owner of record" at the conclusion of the redemption period?

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Rick Dawson July 11, 2011 at 5:29 pm

There are only a few states with overages AND a redemption period.

Each state will be different. Some states say that the owner at the time the tax sale was ANNOUNCED is entitled to the funds, so won't work there. Others say you have to get additional paperwork in this situation.

Your plan will work much better in some tax deed states if you can get a deed just before the sale.

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Arlene Estrada July 13, 2011 at 11:10 pm

Hi Rick, I've been following you and tax sales. I'm in california, so. cal to be exact. Do you have any students out my way, and if so, how successful are they with the program and business?

Best,
Arlene

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Rick Dawson July 14, 2011 at 4:59 am

Arlene,

I don't keep stats on students and their home areas but California is set up nicely for DeedGrabbing. When a sale is held, this is the last day to redeem all properties on that list. So you can contact the owners prior to any sales you see.

Most are online.

Also, the real estate "downturn" has actually made improved property (houses) "doable" in California again - at least for now!

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Schneequa August 2, 2011 at 4:15 am

Hi Rick,

Is it more difficult to obtain excess proceeds for foreclosures (Deed Of Trust/Mortgage)?

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Rick Dawson August 10, 2011 at 6:01 pm

The actual claims process for foreclosures is more lengthy and requires an attorney. Also, there usually can't be any other parties on the foreclosure that might have a claim ahead of you (like a second mortgagee for example). By contrast, tax sale overages are usually payable "over the counter", meaning it's a matter of submitting a claim form not starting a court action. But once you have an attorney lined up who is used to doing mortgage foreclosure overages, and you're expecting to wait a bit longer to be paid, it's really not any more "difficult".

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roland October 25, 2011 at 12:30 pm

Hey Rick...........here in central Florida. I heard might need to get special license (PI)? Lists on line...that sounds great. Have to pay for them?

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Rick Dawson October 25, 2011 at 5:46 pm

I've seen many lists online where you don't have to pay. You only have to become a PI if you are going to work funds that have been on hand for several years (truly "abandoned funds" as defined by law).

The overages we work have been on hand 0-2 years so no PI license should be necessary. Florida is pretty strict that all liens of record must be paid before they give out the surplus, so look for a title report along with the list online and start with the "clean" ones.

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al October 26, 2012 at 3:01 am

Hi Just a quick question on the Tax Sale Lien ? say the tax lien is $10k prop worth $150 and there a mort on the prop what then ? would they have to be paid off from the procced or better yet can they file for the proceed ? also would they be in second posoition behind the taxes and finally can they file prior to the cut off date ? Thanks again Al

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Rick Dawson October 30, 2012 at 6:49 pm

Any mortgages companies can apply for the surplus ahead of the owner but they rarely do. So the owner (or you as found money pro) can apply and usually you will get it.

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Earl February 9, 2013 at 5:54 am

Hey Rick,

What if the owner has passed away and you find a heir or PR of the Estate? What can you do to claim funds??

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Rick Dawson March 5, 2013 at 10:25 pm

The PR or heir can contract with you to assist them to collect the funds. However an attorney is usually best brought in early in a case like this.

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Brenda May 31, 2013 at 3:51 pm

How do we find out if our state has tax sale overages ? Texas in my case

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Rick Dawson June 10, 2013 at 12:18 pm

Google it would be a good way. Texas does have overages but limited to 10% finder fee. You can work overages in any state no matter what state you live in.

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Nick Demio June 26, 2013 at 4:48 am

Hey Rick,

Am i able to do this business in missouri? And have any new laws been passed for MO. Cause searching online i didnt find any like finders fee caps or licensing requirements. Seems like Mo is open game. Just wanted your opinion before going full speed with this. I understand the process, getting the list, getting POA for my state, the claim forms and contingency agreement and all that. Just needed clarification on the law part and also been hearing people saying that the previous owner might not be entitled the claim , saying it will go to mortgage company. Is this true? And what to look for to avoid these type of deals?

Regards

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Rick Dawson July 2, 2013 at 4:11 pm

Yes, I don't see why not, they have overages and I don't know of any type of new law that's come out in MO. You don't have to do this business where you live though, there is no advantage. So don't restrict yourself.

The claim CAN go to the mortgage company if they claim it first in many states. Not something to worry about it's only happened to me a couple items over almost 10 years.

I'm afraid Hooked on Overages is a 12-hour course that I can't regurgitate here - but if I had one thing to tell you to avoid, it's breaking any laws. At best you won't get paid and at worst you'll be in hot water.

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Marissa January 11, 2014 at 2:04 am

So, what I am reading and understanding is we can do all 50 states but we have to use the finder's fee that the states require and that we don't have to be licensed to do this. Am I correct?

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Rick Dawson January 11, 2014 at 4:07 am

Not really. In the states we recommend you do not have finder fee limits when you work the business as we describe. We don't recommend you work the other states because they either don't have tax sale overages and/or they have low limits that makes it hard to get ahead. I'm not aware that you have to be licensed anywhere, once again to work the business the way we teach it. We don't recommend you work the funds that are covered by finder fee limits because they often have requirements for licenses as well, a double whammy.

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Rob January 19, 2014 at 11:23 pm

Rick:

I've been doing some research on Tax sale overages since I viewed your presentation a couple days ago and I'm interested in your product, but have a couple of questions:

1: I live in Oklahoma and can't find any information on the large county treasurer websites about tax sale overages. What is the law in Oklahoma regarding tax sale overages? Is there a limitation on the fee in Oklahoma, if there are overages in Oklahoma?

2. Once I locate someone who is due an overage and then send them the documentation to sign what would keep them from going directly to the county treasurer directly for all of the funds and thereby cutting me out of the deal?

3. I have also found some counties that will allow third parties to help claim funds for claimants, but will only cut the check in that persons name. How would I get my fee if I were to help someone get their funds who was owed funds from a county like that?

Thank you Mr. Dawson for your answers.

Rob Johnson

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Rick Dawson January 19, 2014 at 11:43 pm

This is all covered in the training. The overages are not usually posted on websites, that's part of why the owner doesn't know about them. We show you how to get the lists of the funds.

We show how to set up the paperwork so you are secured before you reveal the source of the funds. Oddly, people almost never do this anyway.

You can get a power of attorney from them with your paperwork, and cash the check made to them, using that.

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Allyson Strobel June 7, 2014 at 9:01 pm

Hi Rick Dawson,

I took your course on Overages and still learning some (also snooped at your beautiful youtube videos for when you took vacation in Europe (thanks for sharing, really awesome). I really want to do my own state Colorado and possibly California where my relatives are. I have tons of questions to the brainchild of all this but I'll try to limit myself. When the tax overages are sent to the state when not claimed, they can still claim the money in California, do not know about Colorado, do we need to be careful of anything in either state when it goes to the state, we are still not restricted to the finder fee limits? There are a couple counties that I saw that never let the previous owner collect from the county, it always gets sent to the state where there they can claim it, as money finders, do we need to worry about anything at state level? Thank you so much for getting this course together, have been a realtor for a zillion years and these bones are getting old to climb 80 flights of stairs a day showing property and this is something I can do and really make the world for the people that get the money. Thank you ahead of time on your answers for California and Colorado, Rick!

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