Is it illegal to charge a finders fee on surplus real estate? The answer: no, not if you’re familiar with the law and using loopholes to work with the right funds.
Most states now place limits on what anyone who wants to collect a search fee can legally collect. However, these laws exist in the state code…and that generally means those laws apply only to state agencies.
What funds does this include? Well, the unclaimed funds held at the state agency are usually things like bank accounts, stock dividends, utility deposits, and other small amounts that people easily lose sight of. A finder can usually only charge a 5-15% finders fee for locating the owner in these funds. At funds ranging from $10-$500, these aren’t worth wasting your time on.
So are real estate surpluses held at the state level? Bingo! Now you are on the right track. Surplus real estate is NOT withheld at the state level, and this is a loophole that allows you to collect up to 50% of these funds in most places. (Some places don’t allow you to charge a search fee higher than 5% no matter where the funds are kept – do yourself a favor and train and educate yourself before attempting this.)
And we’re talking big amounts, not that $100 savings account someone forgot. Real estate surpluses run into the tens of thousands of dollars regularly. With a surplus of $10,000, and you’ll find that excess size almost everywhere you look, you can collect a search fee of up to $5,000, on a single claim!
As sad as it is that foreclosures are so rampant, it’s even sadder when someone loses their home and doesn’t realize they can collect the extra money the government owes them. The people who are owed this money are often people who can actually use it. And to top it off, the government can and will sixteen this money if the owners don’t pick it up on time.
If you make sure to educate yourself on the laws regarding money finders and surplus, you or anyone can collect 50% of the finder’s fee on these claims. Find records, find owners, and connect the two, and you can easily generate a five-figure income per month for yourself, and that’s all from your home office. You can work every part of the business without leaving home.
So even if you live in a state where can not legally collects finders fees, can only work in another state. And this also means that you can work surpluses from a foreign country. In fact, if you get involved in the surplus community as you learn, you’ll find that some of the most successful people working with surplus live in England, France and Australia.
The bottom line is: get informed and get to work. The owners need you to connect them with their lost money.
