Ever heard of overage in real estate? Generally this refers to money from real estate transactions that is being held by the government – but belongs to citizens. This can come from things like mortgage foreclosure and tax foreclosure. Real estate overage can also mean a huge money-making opportunity for you, with real-estate-sized paydays – and you never even have to own a property.
For an overage in real estate to be created, someone has to bid more for a property at auction than the delinquent owner owed on it. This means if someone owed $1,000 in property taxes and a bidder paid $20,000 for it at auction, that owner would be owed the extra $19,000. Overage in real estate is extremely common, especially with the current foreclosure rate.
So how does this create a huge profit opportunity for you?
Well, if you can find these owners, you can charge up to 50% of the overage to help them get their money back. You work on contingency, like a lawyer – in exchange for not charging them upfront for your information (remember, they have no idea this money exists, or they would have collected it already), you charge more when the money is paid out.
Unlike a lawyer/lawsuit, however, it’s not complicated in most cases to get this real estate overage released. There is some work you have to do upfront, but it’s very inexpensive (generally, a few hundred bucks) and doesn’t take much of your time. Bonus: you can do all of this from your home office, even if you’re working claims across the country – or you’re working from Zimbabwe.
These funds are subject to escheatment. That means the government can seize them if the owner doesn’t collect in time. This creates an urgent situation, and these owners can understand that. By helping to collect their funds, you make huge finder’s fees (in the $19,000 example, you’d make up to $9,500) while also helping these owners, who can usually really use it, avoid losing their money senselessly to the government.
With the skyrocketing foreclosures, this real estate overage is being created at record rates. There’s never been a better time to take the leap into being your own boss, and getting educated on overage in real estate. The profit potential over the next several years could put you a lot closer to that beach house, or college education for your kids, or whatever you want the most.
The current foreclosure rate won’t last forever – take advantage of it now.
When collecting overages, it’s key to understand how to approach the owners so they don’t try to avoid your fee. For a limited time, read the Hooked On Overages “Insider’s Guide” To Tax Sale Overages for free at: http://HookedOnOverages.org.
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