Tax foreclosure overages...

Tax Liens & Mortgage Notes
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Tax foreclosure overages...

Clifton Burse
Real Estate Investor 路 Suitland, MD 路 Member since 2009 路 136 posts 路 4 votes

Hello, Im looking for any help in getting started in Tax overages, I don't want to buy a $1000 course about it. Hopefully some help if someone knows about how to do it in the states of Maryland, DC, or NOVA....

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Ned CareyPro Member
Moderator
Investor 路 Baltimore, MD 路 Member since 2008 路 17k+ posts 路 13k+ votes
12y

@Clifton Burse These are not as easily done as the pitches for courses imply. Assuming you can find the list of overages due, you still have some issues to deal with. Who is the rightful claimant? If the owner has a mortgage the mortgagee is in line before the owner. Good luck trying to get a fee out of a bank.

If an owner does not claim the surplus it is often becuase they have moved and can be difficult to find. Often the amounts unclaimed are only a few hundred dollars and not worth the work of running around to get it.

Your best course of action may be to talk to an attorney who does tax sale foreclosures. You will need to have agreements written up between you and the owner that will pass the muster of both the jurisdiction who is giving out the money and the courts if the owner decides after the fact they don't want to pay you.

It can be a very profitable business, I just want you to have realistic expectations. Good luck - Ned

PS My guess is that any course is not going to give you enough specific information for your local area. Which is why I suggested a local attorney who does tax sale work.

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  • Andrew Metcalf
    Foreclosure Specialist 路 Avon, MA 路 Member since 2017 路 7 posts 路 10 votes
    6y

    Hi Michael.  Thanks for reaching out.  I want to host a webinar this week (Wednesday, April 15) so that we can network and I can answer as many questions as possible about the Excess Proceeds/Overages business.   I want people to submit some questions prior too, but it will be an interactive live webinar.  Would you be interested?  

    1Reply
  • Michael Onianwa
    New to Real Estate 路 San Antonio, TX 路 Member since 2019 路 2 posts 路 1 vote
    6y

    @Andrew Metcalf  Yes I am interested. Please let me know when so I can join.

    1Reply
  • Julie Kolat
    Member since 2019 路 2 posts 路 0 votes
    6y

    @Andrew Metcalf I would be interested as well in joining the webinar

    0Reply
  • Andrew Metcalf
    Foreclosure Specialist 路 Avon, MA 路 Member since 2017 路 7 posts 路 10 votes
    6y

    Julie.... send me your email so I can send the invite

    0Reply
  • Aaron Sandvig
    Member since 2019 路 1 post 路 0 votes
    6y

    @Andrew Metcalf, too late for the webinar?

    0Reply
  • Joi Offutt
    Investor 路 NY 路 Member since 2019 路 4 posts 路 2 votes
    6y

    Hi all, Happy Tuesday! :) @Andrew Metcalf Did this webinar happen & will there be another? SO much conflicting information out there, but most not from anyone who has actually done it themselves! 

    0Reply
  • Jessie Cruz
    Specialist 路 Overland Park, KS 路 Member since 2018 路 59 posts 路 30 votes
    5y

    @Andrew Metcalf Hi Andy!

    I just ran across the overage information as a possible income stream and saw that you too inquired awhile ago. Have you had any luck?

    0Reply
  • Jessie Cruz
    Specialist 路 Overland Park, KS 路 Member since 2018 路 59 posts 路 30 votes
    5y

    @Byung Kim. Hi Mr. Kim!

    I noticed you inquired about the overage business awhile back. I too am interested in it. Did you get any relative information to help you get started??

    0Reply
  • Jessie Cruz
    Specialist 路 Overland Park, KS 路 Member since 2018 路 59 posts 路 30 votes
    5y

    @Douglas Carlton. Hi Mr. Carlton! I just ran across the comments you made on the overage business and wanted to thank you. I'm sure you're right about having to convince folks you're not a scammer. Do you have any other advice? I now live in Texas which seems like a prohibitive state from other comments here but soon will be relocating to Kansas. I appreciate and respect your experience 馃檪

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor 路 VA 路 Member since 2015 路 21k+ posts 路 19k+ votes
    5y

    8 years later and not much has changed

    7e investments53 Reviews
    WebsiteView Page
    0Reply
  • Jessie Cruz
    Specialist 路 Overland Park, KS 路 Member since 2018 路 59 posts 路 30 votes
    5y

    @Chris Seveney Gee Chris, that's sad. Thx for your response though

    0Reply
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