State Limits For Finders Fees For Unclaimed Property - How To Get Around It

If you're in the unclaimed money business, or want to be

, the first thorn in your side is going to be the state limit for a finders fee for unclaimed property. Most states have enacted laws in recent years that set a low limit - 5-15% - for finders fees on any funds held by the state. This includes old bank accounts, unpaid stock dividends, and uncollected utility deposits.

This will deter most of the faint-of-heart people who are dabbling in the business. But if you're smart, you'll stick around and learn how to get around that state limit for a finders fee for unclaimed property. Like anything else, there are always loopholes, and in this case the biggest legal loophole applies to one of the biggest and best sources of funds for money finders - real estate created overages.

Because they aren't technically held by the state, real estate created overages aren't subject to those finder fee limits. In fact, they're usually not subject to any limits at all (within reason... charge 95%, and you may be asking for a lawsuit). 30-50% is standard for those who specialize in collecting those funds.

These are the funds that are created when more is bid at auction for tax foreclosure and mortgage foreclosure properties. Those overages are more often than not due back to the former owners. Unfortunately for them, most don't realize this, and walk away from their financial mess without realizing they may have a small windfall awaiting them. Then, if they don't figure it out in time, they lose it to the agency holding it.

Thus, it's not only extremely profitable for finders to work these funds, but also very necessary for these owners - even if they don't know it yet. Find records of the funds, find their owners, and connect the two while keeping your sources secret. You could bump your income up into the six-figures this year, joining the real estate investing elite - without ever owning a single property.

by: Maggie Dawson

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