If you're already in the found money business, or just thinking about making a career move into the field, you'd better become familiar with foreclosure unclaimed funds fast - before lots of other people pour in. It's bound to happen at some point, but for now, foreclosure unclaimed funds are still the least-worked of the unclaimed money out there.
There are several reasons why foreclosure unclaimed funds are the most lucrative.
1. They are "hidden." These funds don't show up on websites where people can go to search and see if they have any lost money like bank accounts, stock dividends, or utility deposits that are being held by the State Unclaimed Division.
2. They generally amount to much more than other funds. Real estate foreclosure unclaimed funds, as you can imagine, run into the tens of thousands of dollars regularly - unlike the hundreds or low thousands you'll find from other sources.
3. Very few people work them. Most people working as money finders work state-held funds.
4. Because they are held outside the state level, they aren't subject to finder's fee limits. This means you can charge 30-50% per transaction. On a $10,000 overage, you'll make $3,000-$5,000, and your costs will be only a few hundred dollars when all is said and done. What's better than that?
With the skyrocketing foreclosure rates, you can bet there will be foreclosure unclaimed funds for a long time to come. How long before the market is flooded with money finders, or the government changes the laws, on the other hand, is another question. For now, however, collecting these unclaimed funds on behalf of their owners is one of the easiest ways to make big money from real estate that exists.