Forget Tax Sale Auctions - Use This Loophole to Buy Tax Deeds
By Maggie Dawson
Tax property is where it’’s at - but forget tax sale auctions. These days there’’s too much competition to get a really good deal. Besides, when you buy properties at tax sale, you can”t inspect them first. Would you buy a home to live in you couldn”t see the inside of?
The best way to get tax property is to buy directly from the owner - but that’’s not the loophole. Everyone knows you can buy the property from the owner before tax sale. The secret is buying the property after it’’s already been “sold” at tax sale. When a properties sell at tax sale auctions, they don”t really sell - the owner has a year, or sometimes more, to pay the taxes and penalties and rescue their property - right out from under the hopeful winning bidders from the tax sale auctions.
But for owners who know they can”t pay the taxes, it doesn”t matter. In their minds, the property WAS sold at the tax sale, and to them, the deed is now worthless. They know it will be foreclosed on in the end. Luckily for you, during that redemption period, it’’s still legal (in most places) for you to come in and buy that “worthless” deed from the owner - who is often glad to get the whole thing over and done with. Since they view that deed as worthless, you can often buy it from them for very little - a few hundred dollars, in many cases. Then, you can pay the taxes off yourself, or flip the property and pay the taxes from the proceeds.
But even better than that is making money without ever owning any property at all.
In many states, when more is bid for a property at the tax sale auctions than is actually owed in back taxes, that overage amount is held for the owner to come in and collect - in essence, they get at least some of their equity back. If they know about it. Most don”t, since in many states in the U.S., the government gets everything - and the average person assumes that’’s what will happen.
What happens is, they”ve moved from the property, the government tries to notify them of the funds at that old address, and they never get informed. The money sits there, until legally it becomes property of the government, and the owner can”t claim it anymore.
There are tons of these funds being created daily, due to the current economy. Tax foreclosures are at an all-time high. If you can find these funds and these owners and put the two together, you”ll make a lot of money. Why? These funds aren”t held at the state level, so they aren”t subject to the finder’’s fee limits that state-level “unclaimed funds” are. It’’s perfectly legal to collect 40-50%, or whatever you think is fair, on each deal.
This translates to an easy six-figure income for you, if you make a full-time business out of it. Very few people know of this, so it’’s wide open… for now.
You”ve got to know how to find lists of these funds, and how to find and approach these owners so that they don”t try to collect without you and avoid your fee.
About The Author
So where to find records of these funds, and how to find their owners? Read the *free* Hooked On Overages “Insider’’s Guide.” Visit http://Tax-Sale-Overages.com now.
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