TAX SALE OVERAGES

hi mr darrell i am wondering if this is the only business that you run and if you read any books or if law was what you studied and you learned that way. is there any place you can steer me as far as where to look in the law and what forms i need to give to the clients i know the power of attorney and what else would i need?

I found some people here who are owed money but I want to be legal. I understand a power of attorney is needed-is that correct? or how do you do it--You look like the expert on this. I am open to learn and listen.
Thanks

Are you from NYC?? If so, it is true that they don't allow the general public or private investors purchase tax liens. ARGH!! I am looking for a way around that as we speak. Don't know how to do it just yet... but other counties outside of NYC allow it.

what should the contract read? can you attach a copy we can use as a guide? It seems it would be challenging to get someone to sign a contract without disclosing certain pieces of info...What do you say to them exactly once they are found? Thanks for the info in advance #headedtothecourthouse!

Hello Darrell. My name is Steve and i am from California. I was wondering if you can tell me about tax overages and how to do this as a business. It is something i am interested in and i do it as a business in my state.

Ok i have found some lists of properties with tax sale overages on them. I have a lawyer that will help us find the people that the money belongs to. What paper work to i need to use to bring the people together with their money?

I spoke with a town clerk about a recent tax deed sale regarding how the town
dealt with overages. She said that the town put the excess funds into their
"land acquisition fund" The amt owed was approx $2500 and the high bid was approx was at least $10000. I left followup messages but have not received a response. I have the owners name and there this property(land) didn't have a mortgage

Rich

I don't know about other states but in Florida to gain the overage or a percentage thereof you must be a surplus trustee as defined in F.S. 45.034. This statute, while specifying trustee in foreclosure actions, is inclusive of all parties to whom surplus funds can be conveyed in trust, persuant to F.S. 45.031.

Then, as a surplus trustee, with assignment in hand from prior owners you will still only be entitled to a maximum of 12%. As a contracted agent acting on behalf of the prior owners in persuing their claim, it is at the discretion of the county attorney as to who the check is made payable to.

I was recently searching for info on an unrelated issue and came across a Lake County case where the Finder had their assignment, and all paperwork in order, submitted to the county and the county attorney directed county clerk to issue check to the prior owner of the property.

Another issue, I was contacted by a person who was asking whom in Florida is entitled to claim surplus as owner. It is the party in ownership of the property at the time of public notification, in the absense of a filing of Lis Pendens. In Florida, the time of public notification would be at the time of recording the Tax Collectors Certification which includes the Owners and Encumbrance report and a list of all parties of interest in the property. Just thought some here may be interested.

Link To Case:
http://www.lakecountyclerk.org/record_searches/tax_deeds/tribute_web/Sho...

Link To Statutes:
http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&S...

Link To Source:
http://www.floridataxsale-foreclosure-info.com/tax-sales-blog.html

http://www.seattlepi.com/local/article/Foreclosure-guru-hit-with-3-2-mil...

Does anyone know of a software program or website listing tax sale overage properties?

I have found this one. Havent worked with it much yet but it could help.
Most of these lists are not free but should give you some information to help out.

http://stores.taxsaleresults.com/StoreFront.bok?cart_id=105241065

Check this one out:

http://www.taxsalelists.com/taxsales.html?state=&class=

Hello,

Miguel here,
Just like to know where I can find contracts needed for this overage process.

Christa Niven

Hay how did you get your lists email or call or at the courthouse it's self ?
Chrishone

Chris,
They are not my lists I have just found them on the internet. I did quit a bit of searching. You can get the lists from the links above. You can also call the county records office. I hope that helps. Send me a Pm if you have anymore questions and i will see if i can answer them.

http://www.taxsalelists.com/taxsales.html?state=&class=

A Power of Attorney is only the tip of the iceberg. First of all, you need to know the laws of the state that you are going to be working in. You also need to know if it's a tax sale surplus or a mortgage surplus.

You'll also need to know if the surplus funds are encumbered (a lien or judgment has first right to the funds) or unencumbered (the money belongs to the former homeowner) or a hybrid (a mix of the previous two).

Just because someone's name happens to be on a list, doesn't mean that the funds belong to them. You'll need to do proper due-diligence first.

There are no real "friendly" states. Many times the left hand has no clue to what the right hand is doing even in the same department. I work about 25 different states and none of them are the same.

Also, many of the counties react differently to what you are doing.

Hello MichelleNicole,

Many states as of today have passed what are known as "Finder Laws" and some of them severely limit what you can make. I have been doing this business for the better part of 4 years plus and buy the claim from almost all of the deals that I do. I also use an attorney for every transaction.

Hi Chrishone,

Many people have issues getting a list, but, once you figure it out, getting the list is the easy part. While it is the bottom line of your business, it is relatively worthless if you don't know what to do with it once you have it.

You would also need to decide what kind of list that you want - tax sale surplus, mortgage foreclosure surplus, estate, etc.

Miguel,

There is the possibility of different contracts and follow up docs, depending on what you are planning on doing. There is Contingency - which is becoming increasingly more difficult in many states and can be limited to "Finder Fees" and also Buy Out or purchasing the claim - this requires cash up-front.

This business is much more that just the contracts.

I just wanted to let you know that I am based out of Charlotte and have had talks with the Attorney General and the Treasurer here in NC. They have made this one of the most difficult states to do this business in regarding the U.S.

Remember, you can do this business anywhere as long as you have a telephone and Internet. Don't pick a state that has become hostile to our business.

Each state will have different laws that you will have to abide by. for example some places will have limits or caps on how much money you can make with overages or excess proceeds. most are going to be 10% of the amount that is owed.
you will not be able to get the full overage amount. what you have to do is help the original owners in getting the money back. This can cause some problems. First thing is you have to track them down so you need to know how to skip trace. Then from there you have to be very careful in talking with them because if you give them too much info about what your doing then they can just go around you and get their funds.
you will need them to sign an agreement with you that they will pay and a non circumvent. After that we then will help them collect those funds and then we will get a finders fee.

To get a list of overages you can contact the county and get in touch with who ever is in charge of the foreclosure/tax sale auctions and find out from them who is in charge of that overage amount and where we can get the list.
make sure you are looking at amounts that are going to be worth your time then start tracking the people down.

What is the simplest way to contact or FIND the people the money is owed to.
I had found it extremely daunting in the past especially given the restrictions the states put on it, and that the notifications are now being funneled into one main site.
Anything new or different lately?

Thanx!

There is not a great way of getting lists from the county and there is no website that I have seen that will give me all those lists.
I just talk to the county department that is in charge of the sales and get a list from them of what sold last and for how much.
That is the best way I have got a list.

Hi Allison,

I read a book on tax liens a few months ago and as I recall, not every state "sells tax liens". In other words they may call it something different or not sell the liens at all. You may be able to find out what your state does by looking up tax liens on line for your state. Good luck with it and let me know if you figure it out.

Ed

Hello... I was wondering if a tax overage consultant requires special lisc. as does a bankruptcy consultant?

In other words. If we run a tax overage consultant service helping claimants with the excess refund; are there lisc. / bonds which we need to carry as part of our business?

Hello... I was wondering if a tax overage consultant requires special lisc. as does a bankruptcy consultant?

In other words. If we run a tax overage consultant service helping claimants with the excess refund; are there lisc. / bonds which we need to carry as part of our business?

Is Virginia a good state for tax sale overages?

ARE YOU WILLING TO BE A MENTOR ON THE SUBJECT?

ALL States are good. Some States are complicated. Some States are not.

As with any job, tax overages takes research. This business requires dedicated work and timely work. It takes specialized knowledge.

One must first research the State regulations (time limits, finders fee limits, who is allowed to make a claim, what documents are required, how to obtain the information, how to file a claim, etc.).

Some States require attorneys, some do not. Some States require a person to pick up the list in person, some do not. Some require payment, some do not. Some require the person owed the refund to file a claim, some do not.

Every State is different. Make a binder with a section for each State and post the regs/rules, contact information, State specific claim requirements and keep the binder updated.

Each State has a deadline for refunds. If this deadline is not met, then the funds "escheat" (are permanently forfeited) to the government entity.