Foreclosure and Short Sales News

Foreclosure Properties Can Make You Mad Cash – Without Ever Owning Them

By Maggie Dawson

If you’re considering investing in foreclosure properties, there are really only two ways you can do it profitably, and without competition… and with less than $1000 in the bank, if you’re smart.

The first way is to buy foreclosure properties directly from their tax delinquent owners, but only after they’ve already been sold at tax sale. There are two reasons for this. First, by the time they’ve been sold at tax sale, you know there is no mortgage. The mortgage companies pay tax encumbrances and foreclose themselves. Second, during the redemption period (grace period) after the sale, people either pay off their taxes and bail out the property, or they can’t. And they resign themselves to losing everything.

You can pick up the deeds to these foreclosure properties for as little as $200 – especially if you’re willing to make a deal with the owner to give them a percentage of any money you make from it. They’ve got nothing to lose at that point.

The second way you can really make a huge profit from foreclosure properties, both tax and mortgage, is by going after the overages. Almost no one is doing this because of a misconception about the caps on finder’s fees in most states. You can legally collect up to 50% (or more, depending on the case) finding the rightful owners of overages.

Overages are the funds created when more is paid at auction than is owed for taxes or a mortgage. Owners are almost never properly notified about the overages they have available, and eventually after a year or two the money becomes the property of the agency holding it. This is a valuable and extremely lucrative field to get into. An income of $100,000+ is not only possible, but likely, especially given the number of foreclosures currently occurring. And you can operate with a budget of $1000 or less.

You can grab the free Insider’s Guide to raking in cash with overages– click here now: http://www.Hooked-On-Overages.com.

Want tax property you can inspect before you buy? Read “5 Days to Getting Tax Delinquent Property for $200 or Less”, click here now: http://www.Deed-Grabber.com.

M. Dawson is a Chicago area real estate and found money expert.

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