You probably have not heard of tax deed overages before. Chances are this is a new word to your real estate vocabulary. There are even some tax sale investors who have never encountered tax deed overages. However, for those who know this term very well, it is easy to make a few thousand dollars and more by doing this technique. So, what is it anyways?
Tax deed overages are leftover funds when an investor bids more than the required amount of taxes owed on a property. Furthermore, the funds can range anywhere at a minimum of a few hundred dollars to a maximum of a few thousand. Tax deed overages are held for the delinquent owner to claim for a certain period of time. The government seizes the money if the owner forgets about it. Some of these owners don’t even realize this and seem to be clueless in which they could have not lost everything.
You can legally charge a finder’s fee for helping a homeowner with his funds. Some owners even agree to a fifty percent fee because collecting something is better than nothing. Also, finder’s fees are not governed by limits due to a legal loophole, which gives both of you the freedom to the transaction.
Tax deed overages would continue to be created because of the rise in foreclosure nowadays. It would also be hard to miss especially with so many tax deed sales happening around the country. This is the best time to step in and be involved. Doing so would feasibly add extra income to you and help your financial endeavors greatly.
