Overages as an income opportunity

[Dan Krause]

:D There are a few recent posts concerning these.Does anyone have any idea how to go about locating these overages-on foreclosure sales and other real estate deals? Where do you go and what procedures do you use? Thanks, Dan :pup:

[Brian P.]

Dan

Believe me the return isn't worth the effort. I don't know about Michigan but I deal in trust deed states.

What you do is follow the trustee sales and if it sells for more then then the foreclosing lenders bid you may have an overage.

However, the number of cases I've run into where the next in line lien wise didn't get the overage was very small.

And when you contact them to tell them they might have some money out there somewhere, and your willing to assist them in getting it for whatever fee. Then they are going to start thinking and in most cases determine where it is without paying you a fee.

That leaves you with hitting them up to purchase their lien and telling them your a part-time collector and will pay them 5 cents on the dollar, or whatever, on the chance that you may be able to collect some money on the debt and make a profit.