Is it illegal to collect a finders fee on real estate overages? The answer: no, not if you’re familiar with the law, and use legal loopholes to work the right funds.
Most states now impose limits on what anyone who wants to collect a finders fee can legally charge. However, these laws exist in the state code… and that generally method that those laws apply only to state agencies.
What funds does this include? Well, unclaimed funds that are held at the state agency are usually things like bank accounts, stock dividends, utility deposits, and other small amounts that people easily lose track of. A finder can usually only collect a finders fee of 5-15% for locating the owner on these funds. On funds ranging from $10-$500, it’s hardly worth it to waste you time on these.
So are real estate overages held at the state level? Bingo! Now you’re on the right track. Real estate overages are NOT held at the state level, and this is a legal loophole that allows you to charge up to 50% on these funds in most places. (Some places don’t allow you to collect a finders fee above 5% no matter where the funds are held – do yourself a favor and get trained and educated before attempting this.)
And we are talking about big, huge amounts – not the $100 savings account someone forgot about. Real estate overages run into the tens of thousands of dollars regularly. On an overage of $10,000, and you’ll find that size overage in almost every place you look, you stand to collect a finders fee of up to $5,000 – on one claim!
As sad as it is that foreclosures are so rampant, it’s already sadder when someone loses their home and doesn’t realize they can collect the additional money owed to them from the government. The people who are owed this money are often people who can really use it. And to top it all, the government can and will seize this money if the owners don’t collect it in time.
If you make sure you get educated on the laws pertaining to money finders and overages, you or anyone can make 50% finder’s fees on these claims. Find records, find owners and connect the two, and you can easily generate an income of five figures per month for yourself – and that’s all from your home office. You can work every part of the business without leaving the house.
Because of that, already if you live in a state where you can’t legally collect finders fees, you can just work another state. And this also method you can work overages from a foreign country. In fact, if you get involved in the overages community as you learn, you’ll find some of the most successful people working overages are living in England, France and Australia.
The bottom line is: get educated, and get to work! Owners need you to connect them with their lost money.