Overages After Auction: What Are They and How to Claim Them?

Understanding overages in property auctions is crucial, as it presents a little-known yet valuable financial opportunity that many tend to overlook. If you are unsure of what overages are, where they come from, or how to get them, this article provides a comprehensive guide on what overages are and how to claim them. 

At Bellator Consulting LLC, we are committed to helping you seize this often-overlooked opportunity. As industry leaders, our primary focus is to ensure you receive what you rightfully deserve. We approach this with a high level of dedication and expertise, making us your trusted partner in claiming overages.

What Are Overages?

Overages in property auctions refer to the surplus amount of money collected for a property when it is sold at an auction for a price that exceeds the owed debt or lien on the property. This surplus, known as overage, is typically held by the auctioning authority or the government. 

For instance, if a property has an unpaid mortgage, tax arrears, or other encumbrance and is sold through an auction, the amount realized may exceed the total encumbrance. These are known as overages and are usually in the hands of the auctioning authority or the government.

Most property owners have yet to learn that such overages exist, and even fewer property owners understand how to get them. At times, such funds can be significant and are commonly abandoned. That is where Bellator Consulting LLC comes in. Our primary focus is to assist the property owners and heirs in retrieving the extra amount that may have been paid after an auction so that it gets to the correct people. This could mean a substantial financial gain for you.

How Do Overages Occur?

Overages result when the sale of a property in an auction garners more money than the amount owed on the property. Here’s a simplified breakdown of how this process works:

1. Auction Sale: A property with unpaid taxes, liens, or debts becomes subject to auction.
2. Excess Funds: When the cost realized through the auction is more than the amount of debt, then the difference between the sale price and the amount of the debt is overbid.
3. Holding Period: These funds are usually maintained by the auctioneer, county clerk, or another government body.
4. Unclaimed Funds: Regrettably, several owners or heirs never succeed in claiming these funds, and they remain locked up.

It is essential to state that the change concerning the overages can be different depending on the place, and the time to receive them could be limited. Bellator Consulting LLC can help you know your rights and ensure you take advantage of the time to request overages.

Who Can Claim Overages?

By its nature, the overage money can be claimed by any party with an interest in the property, such as the previous owner or their successors. For instance, if the property was sold because of unpaid property taxes, the last property owner or their heirs may be entitled to the surplus cash.

Here are some key groups who may be eligible to claim overages:

• Previous Property Owners: If you were the owner of the property sold at auction, you may be able to get the excess money.
• Heirs of Deceased Owners: If the original owner himself has passed away, then the legal heirs can ask for overage.
• Lienholders: Sometimes, lienholders may be allowed to receive extra money if they participate in the debt payment.
• Other Interested Parties: Other parties, such as business partners or estate executors, may generally have a legal right to recover such money.

Claiming overages is not always easy because one may have sold the property many years ago. That is why it is always helpful to have professionals such as Bellator Consulting LLC assist with such issues and forms. It becomes our goal to make sure that overages are reclaimed quickly and without much difficulty.

How to Claim Overages

Chasing overages is a rather complex process comprising several stages depending on the particular jurisdiction. While the process may differ by location, there are some common steps involved:

1. Identify the Auction: Discover where and when the property was sold at auction. This can usually be accomplished through property records or actual auction sales.
2. Verify Eligibility: Make sure you or someone in your family is entitled to the funds. You have to be the owner of the property, an inheritor, or someone who has some rights on the property.
3. Gather Documentation: Gather all the required documents that support your application for this exception. This may include property deeds, proof of ownership, or death certificates if you are an heir.
4. Submit a Claim: Send all the required paperwork to the agency that has the overage funds. This is often a governmental body or the auctioneer, as he is usually referred to.
5. Wait for Processing: Once you have filled your claim, you must wait for approval. This may take a few weeks or even months.
6. Receive Your Funds: After processing your claim, you can get the overage amount. Charges are sometimes incurred when filing a claim but are often nominal.

However, these steps appear logical, but they might take a lot of time and are not easy if you do not know how to go about them. Therefore, Bellator Consulting LLC is willing to be by your side all the time. We pride ourselves on making the process as easy as possible so that you can access the funds you are entitled to without much hustle. Working with us, you can rest assured that the process will be smooth and convenient.

Why Bellator Consulting LLC?

We are proud to be pioneers in this industry due to our focus on clients. Our team has been practicing law for many years, so we know all the nuances of the legal process. Most importantly, we are sincerely interested in your success. Together, we have already helped countless people like you return the money that belonged to them. With our expertise, you can be confident in your claim.

To find out how we can assist you, please call us at (855) 974-0057. We are here to help you recover your overage funds and provide any support you may need. Don’t miss out on this opportunity – contact Bellator Consulting LLC today, and let us be your trusted partner in finance.