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.
-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!
{ 15 comments… read them below or add one }
How do I signup?
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!
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?
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.
Ok thanx
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.
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
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?
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.
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
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!
Hi Rick,
Is it more difficult to obtain excess proceeds for foreclosures (Deed Of Trust/Mortgage)?
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”.
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?
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.