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The Insider’s Guide to…
Locating Unclaimed Funds
www.HookedOnOverages.com Copyright 2009, Abandoned Property, LLC
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are getting ahead by using tools honed for today’s market– short sales. tax sales. to name a few.finding and collecting unclaimed funds. It’s quite noble that these state authorities are making attempts to reunite the money they have on hand with the rightful owners. even bulk REO purchases from banks. You may have seen billboards or newspaper advertisements inviting you to search for unclaimed funds that belong to you. private money. and abandoned stock portfolios. uncashed checks. We’re about to reveal how we’ve been making easy. Unclaimed Funds You’ve probably heard about unclaimed funds. Closed bank accounts. What if you could get involved today in a real estate deal where you knew exactly how much you’d profit as soon as the paperwork was signed off…and the payday came in days or weeks.Five-Figure Finder-Fees…Locating Unclaimed Funds Still making easy profits in today’s market by buying properties on the MLS with easy mortgage money and flipping? Doubt it. Real estate investors who survived the real estate bubble. Gone are the days when short-term flipping profits were virtually guaranteed by the swiftly rising market. are routinely handed over to your state’s unclaimed funds authority each year. And some of these methods require a significant amount of cash to pursue. These can all be good strategies – though paydays are often uncertain. . or have just started recently. not months or years? It’s time we let the cat out of the bag. predictable profits for years – without upfront investment .
Instead. we’re going to reunite them with their owner. We just received a couple nice-sized unclaimed funds checks recently. Here’s one: The unclaimed funds arena was always a reliable cash cow while we did our real estate deals – but now it’s almost all we do. these claims are 10200 times the amount of a typical claim advertised by the state. Once we find the funds that fall into this special class.How do these funds relate to real estate? They don’t! We’re not even going to be touching them. Read on to find how you can get involved too. . and collect a 40% fee for doing so. we’ll pursue a whole different class of “underground” funds that haven’t even been turned over to the state yet. And in many cases. and were happy to retain our 40% share. Are these “underground” unclaimed funds still being generated today? You bet.
These “overage events” include.“Underground” Unclaimed Funds We’re not going to be able to create 5-figure paychecks very easily with the unclaimed funds that are on hand with our state. states are launching huge advertising campaigns to make the public aware of the unclaimed funds they may be entitled to. as low as 5%. Here’s where our real estate background pays off. As you’re getting your lists of these funds. Plus. you’ll discover other classes of funds like the ones mentioned above. Why? Most of the individual amounts on hand with the state are tiny – under $1000. This cash is often referred to as an “overage”. It turns out that certain real-estate related events can result in a large amount of cash being generated for the benefit of the former owner of a property. but are not limited to: • Delinquent Tax Auctions • Mortgage Foreclosures • Condemnations • Eminent Domain Actions • Suits for Partition • Probates / Estates • And many more Tax Sales and Mortgage foreclosures generate the most unclaimed funds in most counties – so we’re going to focus on those. You can usually work those too while the county has them! . And many states have tight caps on the amount you can charge to collect these funds on behalf of an owner.
counties often do not publicize the availability of these funds to the public. They often linger in various agencies at your county for years. Let’s put a stop to that. ready to be collected.These overages are not sent to the state. at least not right away. if the funds go uncollected. . In many cases. the agency holding the funds permanently acquires them for their own use and does not have to turn them over to the state. It’s called “escheating”. and get those funds into the hands of their rightful owner. and many agencies appear to be perfectly happy to let that happen. Unlike most state unclaimed funds agencies.
This isn’t as simple as strolling into the agency and saying “Hey do y’all have a list of unclaimed funds that I can grab real quick?” By doing our homework. . Do most of these agencies keep an “unclaimed funds list” lying around? No. it’s time to put the law on our side.Finding Underground Unclaimed Funds Once we’ve identified all the events that can trigger an “underground” unclaimed funds account. After we determine which agencies may be holding large amounts of unclaimed funds. Then. Can we easily make our own “unclaimed funds list” by requesting certain records that are public information. we know exactly which agencies receive unclaimed funds from time to time. Every state in the country has a “public records access law” or “freedom of information act” which allows almost all public records to be viewed and copied. we can do a public records request to discover exactly what funds are currently on hand with the agency. or have the agency generate a list for us? Yes. we know exactly what to ask for with our public records access request. and where the records that account for these funds are kept.
at minimum. Of course.Contacting the Owner of “Found Money” Now it’s time for the fun part: informing an owner of “found money” that they’re a couple pieces of paperwork away from receiving thousands of dollars they didn’t even know they had. . Why haven’t these folks collected the funds due them? They don’t know about them! We’re simply going to contact the potential recipients of this money by mail and phone. we’re not going to do it for free. We’ll have lists of ready-to-collect unclaimed money from the appropriate agencies. and the owner of the funds will be happy to receive the balance. And these lists will also contain the name of the person entitled to the money and their last-known address. while we’re going to do a valuable service by connecting the owner of unclaimed funds with their money. and offer to throw thousands of dollars in their lap just for signing our paperwork. We’ll be happy to provide our services for a 40%-50% cut of the funds. Often in a matter of days or weeks.
you’ll discover: • Which states have tax sale and mortgage foreclosure overages • How to identify the agencies that hold these overages • The proper way to request the lists of overages these agencies have on hand right now. The Training Program Over 150 students have become “Hooked on Overages” with our online training program. we’ll get an attorney involved to collect the funds. we’re in the home stretch. and a check will be in the mail to us in a matter of days. In it. Many times we’ll just provide the paperwork to the agency holding the funds. In either case. and give the client his 60% share of the funds. a check will likely be on its way to us in a short period of time. That’s it! Cash the check. More seats in the program will be opening up soon. Other times. On a couple of occasions a clerk has asked us to wait while a check was cut right then and there.Collecting the Funds Once we’ve gotten a missing recipient of unclaimed funds to sign our paperwork. • How to locate the recipients of these funds • What to say to say on the phone when you locate a potential recipient of unclaimed cash .
• How to complete the paperwork necessary to make the claim We’ll leave it up to you to cash the check! When new seats open in the training. we’ll have a free 1-hour webinar that will cover the “found money” business from start to finish – and at that time we’ll accept a limited number of new students. Keep your eye out for the next webinar. coming soon! -Rick Dawson .
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