Look Out for Tax Sale Overages

By dhinternational  /  February 1, 2013 / Comments Off on Look Out for Tax Sale Overages

Look Out for Tax Sale OveragesDid you know that when there are more bids on the tax liens and deeds over a property at a tax sale, the extra funds escheat to the government?  This happens in about half of US states and all because of overbids that what was actually owed in back taxes.  The extra funds are called tax sale overages.  Furthermore, some hold these funds for a minimum of six months while others indefinitely.  The homeowners must come in and collect the money or lose it permanently.

It is very important to examine the state that you are going to work with.  Study the state’s rules and laws diligently.  This is because some of them have restrictions which could become a problem if you fail to do the necessary homework.  See to it that you know how long the tax sale overages are held by the local government before it escheats to them.  It is a must too to check out if they have any restrictions on finder’s fees.  Also, find out if you can get access to public records of the funds and their respective owners.  These would help you determine which states to go to for tax sale overages and get future profits.

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