Money Finders – What Are They, and How Do They Do What They Do?

Money Finders – What Are They, and How Do They Do What They Do?
By Maggie Dawson

If you have no idea what money finders are or do, you’re in the majority. Most people have never met a professional money finder, and it’s certainly not a mainstream job. What this means for you is, if you can learn the ins and outs of money finding, you can make a killing for yourself – while at the same time, helping people who might otherwise lose their funds, keep their money out of the government’s hands.

First of all, what are money finders? Money finders are professionals who audit government agencies and sometimes other large companies to locate funds belonging to ordinary citizens, that somehow never made it into those citizens’ hands. A prime example is tax sale overages. If a person loses their property for not paying the taxes, the property is often sold at auction. The amount that’s bid over the amount of back taxes owed is called an overage, and that overage is due back to the original tax delinquent owner in most cases.

Example: If you owed the government $5,000 in back taxes and they sold your property to the highest bidder who bid $30,000, then your overage would be $25,000 – essentially, the equity you had in your property over the amount of taxes owed.

Unfortunately for many owners, they don’t realize that they are owed this money. So they move from the property when it’s foreclosed on, and that overage money sits in the government’s hands until enough time passes that the government can legally claim the money as its own. After that time, the original owner can never request the money again, in most cases.

Professional money finders find records of overages like these (which in the current economy, are being created at an almost alarming rate), and then goes about locating the lost owners. Once located, they make a deal with the owner to collect the money – which again, they usually are totally unaware of – for a finder’s fee, which can run into the 30-50% range. (Due to a little-known loophole, finder’s fee caps on these funds are usually ungoverned.) The information about the source of the money is kept confidential until after the claimant signs a finder’s fee agreement.

In the end, everyone’s happy – the claimants get what is often a huge amount of money they would have otherwise lost to the government, and the money finders get a well-earned and well-deserved cut of that money for their work.

Even before the housing market took a dive, money finders were in demand – but now, they are needed more than ever. If you’re looking to break into a new lucrative field that you can operate yourself, without having to be employed, this is one of few routes that are wide open despite (truly, because of) the recession.

The most important thing to learn is how to find records of these funds, and find and approach claimants while keeping your sources secret. To read the Insider’s Guide to Generating Finder Fees, Click Here Now.

Ms. Dawson is a “found money” expert.

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