Article by Maggie Dawson
Along with every economic downturn comes a few golden opportunities. Have you wondered who’s making money in the midst of all of the home foreclosures that have been in the news for the last couple of years? Large tax sale investing companies are making some money buying up tax liens, but that’s not for the average real estate investor. The little guy has to learn how to make money on tax sale overages.
First of all, in case you’re new to the concept, tax sale overages occur when more is bid for a tax delinquent property at the tax sale auction than was owed in back taxes. That extra money is usually held for the delinquent owner to come in and claim. The same goes for mortgage foreclosures. Unfortunately for them, many of these owners are in the dark about how the process works and have no idea they have a huge sum of money due to them.
Sadly, after a while, it escheats permanently to the government, with the former owner losing all that money.
So how to make money on tax sale overages? Find the records, find the owners, and offer to help connect the two for a finder’s fee. You’ll have to keep your information secret, of course, and play your cards right to get the former owners under contract with you before you divulge any information.
The awesome thing about these unclaimed funds is that since they are frequently held outside the state level, they are usually not subject to the same finder’s fee limits that state-held funds like old bank accounts and stock dividends are. They also aren’t as public, and on average are much larger amounts.
So if you’re looking for how to make money on tax sale overages, there you have it. Work large amounts that few people know about, charge a 30-50% finder’s fee, and you’re looking at an income of five figures a month.
About the Author
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