If you’re looking to invest in foreclosed properties, tax foreclosure properties are by far the best avenue. They’re usually free and clear, and you can get them for cheap if you know how to avoid the tax sale. But owning foreclosed properties isn’t the only way to make money from them. There’s money to be made from the tax sale and sheriff’s sale, and you don’t ever have to own a property to earn it.
First, how can you buy foreclosed properties, without attending the tax sale? This is simple, and yet largely overlooked: buy directly from the tax delinquent owners, but only after their property has already been “sold” at tax sale. It’s still legal to buy the property during the redemption period after tax sale, and by this time most owners are willing to accept that they can’t bail their property out themselves and need to sell to avoid losing everything.
These owners are extremely easy to work with, in most cases. By this point in the process, most just want to be done with the property and put the ordeal behind them. There are a number of ways you can get these properties, from buying the deeds for as little as a few hundred dollars, or making a deal with the owner to buy for a few dollars and then give them a percentage of the proceeds from its later sale.
But you don’t have to own foreclosed properties. When a property sells at tax sale (or sheriff’s sale) for more than what is owed in back taxes or delinquent mortgage, that overage is usually collected and held for the former owner to claim. Unfortunately, these owners are frequently improperly notified, or have already moved on from the property, not realizing they are entitled to the funds.
If you can find these funds, and find their owners, since these funds aren’t subject to state law, you can legally charge a 30-50% finder’s fee for your research, information, and assistance in collecting the funds on their behalf. Owners are more than happy to pay for this service – since often, without a money finder to let them know of the money, they wouldn’t collect it in time before it was lost permanently to the government.
Since foreclosure rates are skyrocketing, you can guess how many of these overage funds are being created monthly. As a “found money” pro, you can expect an average monthly income in the five figures.
It’s key to understand how to approach claimants so they can’t avoid your fee. Read the *free* Hooked On Overages “Insider’s Guide” – visit http://Hooked-On-Overages.com now. Read “5 Days to Getting Tax Delinquent Property for $200 or Less” – visit http://www.Deed-Grabber.com now.
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