If you haven’t heard of real estate foreclosure overages, be glad you’re reading this article. Real estate foreclosure overages offer a huge opportunity for any interested in making a lot of money from home, and they stem from property foreclosure, which as you surely know, is skyrocketing in the current economy.
Real estate foreclosure overages occur when a bidder bids more for a property at the foreclosure auction that was owed on the mortgage, or in back taxes. For example, if someone owes the government $5,000 in taxes but they have a nice property, a bidder may very well bid close to retail value for the home; say, $150,000. This results in an overage (in this case, $145,000) – also called an overbid, overplus, surplus, or excess proceeds, depending on the particular state’s language.
In many tax foreclosure cases and all mortgage foreclosure cases, this money is due back to the original owner. However, in a stunning amount of cases, the owner doesn’t realize they are entitled to the funds. They think that by defaulting on their loan or not paying their taxes, they just lose everything. These owners get good at avoiding bill collectors and other debt-related communication, and frequently miss any notice from the government that they are owed money.
Due to an almost unknown loophole, real estate foreclosure overages are almost never subject to the same limits the government puts on state-held funds. What this means for you is that you can collect these funds on behalf of owners without dealing with the restrictions the government puts in place on money finders for things like lost bank accounts. For your service in locating the funds and their owners and helping to connect the two, you can legally charge up to 50%.
In the example above, you would make over $70,000 as a finder’s fee, just on that one overage (and real estate foreclosure overages that big exist, and there are a LOT of them). That’s an entire year’s household income (or more) for most people. Imagine the earning potential when you get involved collecting these overages full-time.
While most don’t know about this source of income – even most of those who invest actively at tax sale – a few real estate insiders have been quietly making a killing this way for literally decades. With the current foreclosure rate, now’s a great time to break into the field and take a piece of their pie.Immobilienmakler Heidelberg Makler Heidelberg
Source by Maggie Dawson