Tax Sale Overages - There's A Good Reason You Never Hear About Them

All the "smart money" is investing in tax sale overages

. If you're smart, you'll get in on it too - regardless of if you're rolling in the dough. The only thing you really need to know to be successful in real estate is by knowing what to look for. Tax sale property and tax sale overages are closely related... here's how.

Tax sale is the last place you want to buy tax foreclosure property. The process is designed to elicit the highest price for a property - and your competition makes sure it stays that way. This method also ties up a lot of cash - you'll have to have a check for the entire amount of your bid with you. And last but not least - most owners redeem their properties after tax sale, leaving you with nothing but a refund.

No problem - you'll still get plenty of tax property, just taking a different route. The timing: when only a few months are left in the redemption period. The sellers? The tax-delinquent owners themselves. Now, most of the remaining owners are just going to give up the property to the government.

Buying these properties will be easy. The owners, oftentime heirs or landlords, don't want the burden of a second set of taxes. They just want the property to disappear. You don't need to do much else but ask, and these folks will sign over the deed. Tell them you can afford to pay them $200 for the time they'll have to take out of their busy schedule. Once you've got the deed, just redeem the property, or sell before the end of the redemption period.

You won't find another way to get tax property for under $200. And there is a huge inventory of tax properties right now.

One more little treat from the insider tax sale investors: the owner of the foreclosed property is almost always entitled to any amount paid over what they owed in back taxes. This is commonly known as tax sale overages. But sadly, the owners (who really need it!) are often unaware of this law. Since they are usually long gone from the property, they don't get any notices sent there about the money. After a specified period of time, the government can seize the money - even if it's $100,000.

Since this money isn't held at the state level, you're not subject to the state "unclaimed funds" money finder laws, in most places. That means you can legally collect 40% or even 50% as a service fee for helping these owners find and collec their overages. And since these overages are often for high amounts, you can easily make a huge income from them.

by: Maggie Dawson

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