Hooked On Overages is the original course by my friend Rick Dawson on how to profit from finding people that are owed tax sale overages.
Let me explain…
When a property is sold in a tax deed sale, the price is bid up at the sale. The bidding may start at the back taxes and penalties, but it is bid up from there. Did you ever wonder what happens to the tax sale overage? That’s the money in excess of what is owed to the county. For example if the minimum bid amount is $2000, and the deed is bid up at the tax sale to $20,000, what happens to the $18,000 overage?
In some tax deed states this overage is given back to the original owner of the property. it’s considered compensation for the loss of his or her property. The owner usually has to apply for it and may have to wait for a period of time in case any lien holders (like a mortgage company) apply to receive the overage. Since most delinquent taxpayers do not know that they are entitled to this money and they may have abandoned the property and have moved on to another state, this money frequently goes unclaimed.
Counties are generally not concerned about finding these people because they usually have a limited time that the property owner can receive this overage. Once that time period expires, the county will take the money for themselves. The term for this is “escheat.” The definition of escheat is “the reversion of property back to the state when there are no heirs.” So in some states, if the owner of the property does not come forward and claim the overage, it is taken by the state or by the county.
The Hooked On Overage course shows you how you can make large finders fees by finding these people and helping can the money that is owed to them from the county. Want to find out more about how to make money from tax sale overages? Watch a free webinar hosted by TaxLienLady.com with Rick Dawson of Hooked On Overages. You can get the video at www.TaxLienLady.com/WebinarTraining/TaxSaleOverages.html.
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