| Overbid tax deed proceeds are the best-kept | | | | former owner owed in taxes, are not restricted |
| secret in the unclaimed money business. Most | | | | by state law in most places - AND they're kept |
| money finders breaking into the field start by | | | | under wraps. These funds escheat - that is, they |
| working small amounts of money on common | | | | are seizable by the government after a short |
| things like bank accounts or stock dividends, but | | | | period of time. The government wants the |
| these funds will not make you any money to | | | | money, so they don't advertise these funds on |
| write home about. If you want to make big | | | | the state website. |
| money as a money finder, overbid tax deed | | | | What this means for you is that there's not much |
| proceeds are the place to start. | | | | competition on overbid tax deed proceeds, and |
| First, why you should skip those small funds | | | | that you can charge 30-50% to recover them. |
| mentioned above. These funds are almost always | | | | Many owners who are owed these funds moved |
| advertised on the state's website so that anyone | | | | on from or never cared much for the property |
| can look for themselves and see if they have any | | | | they lost, and are completely unaware of the |
| missing funds. It's too easy for potential claimants | | | | funds' existence. Thus, keeping your information |
| and other finders to get a hold of this information, | | | | secret is easier, AND you're doing these owners a |
| and in this business, secrecy of information is key. | | | | great service by getting to them before their |
| Also, state law imposes restrictions on who can | | | | funds escheat. |
| work these funds, and how much they can | | | | Working overbid tax deed proceeds is a |
| charge. In some places you have to be registered | | | | no-brainer compared to state funds. They're big, |
| with the state, or be a licensed private | | | | they're secret, they're mostly unrestricted and |
| investigator to work state funds; and 10% is | | | | there are just tons of them. Find records, get the |
| generally the cap for what you can charge as a | | | | owners under contract for your percentage, and |
| "finder's fee." | | | | you'll only need to do a few cases each month |
| The way to get around these restrictions, of | | | | (out of the thousands being created by the |
| course, is to work overbid tax deed proceeds. | | | | record foreclosure rate right now) to bump your |
| These funds, which are created when a bidder | | | | income into the six figures. |
| pays more for a deed at tax sale than the | | | | |