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COMMENTS AND QUESTIONS

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61 Comments

  1. Ramdira

    What a well-written, easy-to-understand course. Thank you. I learned more in the 90 minutes I spent reading this than I could have trying to research it all myself.

  3. Ralonda26

    Do these same forms apply to Foreclosure Surplus Funds also? Do you have information on Foreclosure Surplus Funds? Thanks

    • Overbid Master

      No the forms are different and we do not have info on foreclosure surplus.
      There are many less records of foreclosure surplus because what the owners owe is typically so much more than what’s owed in tax deed auctions, so surplus is not generated.

  4. rseanior

    What a well written easily understandable course!! This is simply outstanding. Highly informative. I have searched the internet and youtube high and low. Nothing comes close to this! Truly a wealth of information. You are so giving. The principles you teach in my opinion are relevant to all states that adhere to tax lien excess. I live in Oklahoma so I can’t wait to get started! I am going to order your forms pack. God be with you!

    Reginald Seanior

  5. Juddbrown

    One thing I am curious about is how to protect one self from the owner going to get the surplus prior to them signing anything

    • Overbid Master

      The only protection is finding a balance of how much to reveal prior to signing. Trial and error along the way. You start getting a feel for what to say to whom.

      Another option would be to offer to pay up front for them to sign an Assignment of Interest. This way they get money right away and you become the owner of the surplus. Be very positive there are no liens on the property that could take the surplus before you however.

  6. Joshuajkee

    Hi, this information is very detailed, well written and eye opening. Thanks.

    I am curious as to how exactly to approach the previous owner with this information. Also, how do we make the transaction and collect payment? Please reach out to me if possible. (email address removed for privacy) Thank you!

  8. trishlewis19@gmail.com

    Do I need a business license I’m in Duval county can’t find info..I researched about it and some blogs say PI license but that’s more for criminal investigation. Or is an LLC just fine? Would like to upgrade membership but more comfortable once I get businesses started first thanks.

    • Overbid Master

      Whoever told you a PI license is thinking about unclaimed money held by the state.
      Tax Deed Surplus is held by their individual counties and fall under their laws.
      There are no special licenses needed but of course, it goes towards your credibility of you do have them.

    • Overbid Master

      When a county pays a surplus claim they’ve typically have you fill out a W-9 form so that that income is reported to the IRS. We likely wouldn’t need this one because the county will supply it but I include it just in case

    • Overbid Master

      The name on the check from the county is the one who submits a W-9 for that income. If you submit the claim on behalf of your client, it’s them. If you have your client sign an assignment of Interest meaning the Surplus is now yours to claim then it would be you.
      As far as who actually pays the taxes on that Surplus money received you need to consult an accountant for that.

      • trishlewis19@gmail.com

        Ok now I got it I think I was reading it wrong. Just needed to know who fills out the information. Thanks for clarifying.

  12. Overbid Master

    We just updated our course today with a lot of information, so if you already read through it previously, the 3 new sections are:
    Introduction: About Us and Our Websites/Products
    Frequently Asked Questions
    Getting Started Step By Step

  14. Gina Kinchen

    Hello. I have a question regarding researching liens. If there are liens on a property but the claim is still worth it when we file the claim do we have to list the amount of the surplus minus the lien amount on the claim form? or do we just list the surplus amount and the county will send us a check of the proper amount. So for example if the overbid is 10000 and the liens on the property are 3000. When i file the claim with the county would I put the surplus amount as 10000 and then the county sends me a check of 7000? or do i say that the surplus is 7000 on the form then the county sends me a check for 7000.

    Thanks

  15. Gina Kinchen

    Thanks for the swift response! I have another question. What is the amount of time from the auction date does it take until the funds are returned to the state. I have heard 3 years after the sale date and i have also heard 1 year. I just needed the clarification so that I know how far back I can go.

    Thanks Again

    • Overbid Master

      No 2 counties follow the same guidelines. Some say one year, some still have it after 5 years.
      The best option is to know that if the county is showing it on their own surplus list on their website, they still have it.
      Most update their list to say something next to the record like “sent to state” or “escheated to state”.

  16. Gina Kinchen

    Thanks Again

    Another thing i forgot to ask. So I understand when you have the claimant assign the fund to you the check comes in your name. However when you use a power of attorney and contingency agreement will the check still come in the my business name or will it be in the claimants name and then they have to give me my cut?

    Thanks so much for your time

    • Overbid Master

      The check would be payable to your client but mailed to you. What happens next depends on the arrangements you made with your client and what is in your contingency agreement. For example, the check arrives at your business, they come in and sign the back of it, turning it over to you and you in return give them a check for their portion.

  17. Gina Kinchen

    Ok so when you have them fill out the assignment form you fill the claim form out as if you are the claimant. the county sends me the check and then I send the claimant their share. If you fill out the contingency form and power of attorney then i fill out the forms with the claimants name and then they send me the check and i can do what you said and have them sign and once it clears disburse the funds to them.

    • Overbid Master

      All correct but at this point

      ” have them sign and once it clears disburse the funds to them.”

      this is between you and the client. You need to be clear in the agreement what will happen. Without a clear agreement, I don’t think anyone would be comfortable signing over a check to you without protection in place that they will actually re receive their share.
      I know some companies who will give the client a check immediately when they sign over the county check to you, but obviously you need to have money to do that.
      Other companies will have it in the agreement that the client will receive 10% when county check is received and the rest when the check clears.

      Download the sample, filled out version of a Contingency Form here:
      https://www.floridaoverbids.com/membership-account-page/?ihc_ap_menu=forms-and-processes

      The section where it says “Terms”, this is where you will customize and spell out exactly what will happen. You speak with client and come to an agreeable set of terms and you both sign.

  19. Jim Angelopoulos

    If client signs a contingency agreement and limited power of attorney the county still writes the overage check in the clients name which I assume i can deposit (with POA) then i can write client a check. Is this correct?

  20. Gina Kinchen

    Do Florida counties recognize a notarized letter of instruction? The letter states that the claimant wishes to have the check either made out in my company name or the claimants name in care of?

  21. Gina Kinchen

    If an overage is 50000. But there is a mortgage on the house of 50 grand taken out in 2004 How do I find out how much is left on the mortgage in order to know if the claim is worth it or not?

    • Overbid Master

      The best advice is to look up a “mortgage balance calculator” online and get an estimate of how much is probably owed.
      However, if it’s not too difficult to locate the owner, you should sign them anyway because it’s highly likely the bank will miss their claim deadline and the owner would get it all.

  22. akwasi gyimah

    so do you just submit the power of attorney and general agreement to the county to collect the overbid or surplus need clarification on that and thanks

  23. akwasi gyimah

    hello hope u doing well.hey i just copied the tax deed number from the list and put it in for the books and pages but didn’t get any results i also watched your video teaching that need help on that please

    • Overbid Master

      Can you please give me the exact record you are talking about and I see what’s going on, plus if needed, I can make a video for that specific record.
      I need the County, Tax Deed # and Auction Date please

  24. akwasi gyimah

    that will be great and also the record is the 10/16/2019 record the tax deed number is 16-2019-TD-00813-xxxx the county is duval county the auction date not so sure

  25. akwasi gyimah

    thanks for the video again also ive been able to look up the document for the mortgage or lien at the books and page tab. but is that the document to use to claim because one list had a surplus of $60,000 but did not show in the document for the book/page document or property report documents need clarafication

    • Overbid Master

      The documents you are looking up at the “Book and Page” websites are the liens that are on the property, meaning those can take the surplus BEFORE the property owner can.
      So, if the property owner is the one you are trying to get as a client, and there is $60k in surplus, but you see that there is a lien on the property from (for example) a bank that is owed $120,000, then that record of surplus would be no good for you because the bank will get the surplus and leave nothing left for the property owner.

  26. akwasi gyimah

    okay no wonder the document i pulled up off the book/page on granted the property owner 10 dollars i was like whats going on when the property has a surplus of 60k but i understand now thanks for explaining. lastly if it has no liens or mortgages will the surplus amount show and will that be the document to claim or submit along with the power of attorney?.

  27. akwasi gyimah

    hello hope everyone having a great monday so far just asking i wanted to use accurint or tlop for skiptracing but they require you to have a llc or business license but am a newbie at this so dont have it how can i explain to them what am doing so i can start using their services.?

  28. akwasi gyimah

    hey i know foreclosure overbids takes about 3 months to recieve a check but what about tax deed surplus how long does it takes to recieve a check after you process the claim

    • Overbid Master

      There are many factors to the timeline (were claims by lienholders made, which county it is, etc)
      There is definitely no one answer I could give you. It would be a case by case situation.

      However, in a nutshell, here is what happens.

      After the auction is over, the county will mail out the “notice of surplus” to the interested parties (previous owner, lienholders).
      Once the letter is mailed, the lienholders have 120 days to submit a claim. If they miss the deadline, all surplus is owed to the previous owner.
      Once the deadline is reached, the county has 90 days to “do their thing” (sort through claims made (if any), determine who is owed what, etc)

      So, for example, if there are no liens on a record, if you submitted a claim (as the Assignee of the surplus – the property owner signed an “Assignment of Interest” form, giving you the rights to the surplus), when the 120 day deadline is reached, the county would process your claim and mail the check.

      If there ARE liens and a lien holder submitted a claim but that claim only takes 1/3 of the surplus, then they pay the lien holder and then send you the rest.

      There are a lot of variables, but in general you could expect to be paid between 120-210 days (4-7 months) after the date of the auction. That takes into account the 120 day deadline and the 90 days the county has.

    • Overbid Master

      this website has a claim form for every County in Florida. Check your account area and look for the tab on the menu that says claim forms. It’s not as if the county puts out a claim form for every single record. It is a blank claim form that you have to fill out yourself

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