By now you’ve probably heard about the billions in unclaimed funds the government is holding on behalf of private U.S. citizens. If you want to collect unclaimed funds for finder’s fees, you’ll want to stay away from state funds. Limitations on state funds generally don’t apply to big funds that are held outside the state level, namely real estate overages. Tax sale overages are the best place for a beginner to start.
All real estate overages are being created at a dizzying rate because of the high number of foreclosures. However, mortgage foreclosure overages are a bit more complicated than tax sale overages. Frequently you have to have an attorney make an appearance in court to petition for the funds’ release, and it may be a matter of months before you’ll see a check cut to your claimant.
This is not to say mortgage foreclosure overages are bad funds to work – quite the opposite. You can find huge foreclosure overages – in the hundreds of thousands, easily, in many cases – that you can make a huge fee on. But they are an advanced move in the unclaimed money business. Beginners should start with tax sale overages.
Tax sale overages – the overbids arising from the tax sale auction when more is bid for a property than was owed in back taxes – are simpler. Often, it only takes filling out some forms to get them released. Also, the claimants that are due these funds are often completely unaware of their existence – whereas those that have had mortgage foreclosure may already know about the overage (and simply not have to funds to get them released).
What this means is that people who are owed tax sale overages really need your help to keep their money from eschewing. Since these funds are often only required to be held for a certain period of time, a year or so, if not claimed in time, these owners will lose all their money. This is why money finders working real estate overages legally charge 30-50% for their services.
That adds up to a very nice income for anyone putting a full-time effort. Start with tax sale overages, and then work your way up to more complicated funds like mortgage foreclosure overages and unclaimed estates. By the time you’ve got a few tax cases under your belt, you’ll feel like an old pro.
If you want real-estate-sized paydays without owning property, read our Free Guide to Tax Sale Overages — a secret money-making machine of the Tax Sale “Insiders.”