Unclaimed Property May be the Ultimate in Unclaimed Funds
- Author: Monica Jackson
- Posted: 2022-10-05
More and more people are exploring the world of unclaimed funds, hoping that a quick search online will lead them to some money in their name somewhere. What many of these folks don't realize is unclaimed funds, or rather unclaimed assets come in a variety of shapes and sizes.
First, we have the popular one: money. These are the unclaimed funds sitting around in state treasuries. They're usually made available to you due to some government agency owing you a rebate or an insurance policy working out in your favor.
Next, we have the other kind of unclaimed assets: unclaimed properties. These are abandoned properties (in most cases an abandoned house, sometimes land, or things like automobiles) seized by the government. After a period of time wherein people don't reclaim these abandoned properties, they will go up for auction.
Nine times out of ten, the places holding these unclaimed assets for you will not seek you out or inform you of their existence. It may sound unfair, but you have to be the one to initiate the search for your unclaimed assets. In that process, you might find that out of all the kinds of unclaimed assets out there, unclaimed properties can be the most lucrative.
It's one thing to find $200 or so under your name. It's an exciting thing to find, for sure. It can help you pay a bill, buy some groceries, or shop for holiday gifts — but it doesn't go very far.
On the other hand, imagine if you spent that same couple hundred bucks and received something worth tens of thousands of dollars in return. Missouri, for instance, is set to hold a very large unclaimed property auction. Here, people will dole out a few hundred dollars and take home property that's worth thousands. This is where unclaimed property can really change your life.
A Real Chance to ProfitUnlike unclaimed funds, which you can search via a state treasury site, unclaimed properties don't come for free. At least, not in the beginning.
You will have to invest a little bit of money, depending on how large the auction is. The good news here, however, is that these auctions aren't very well-known. They are not advertised. There aren't any television shows about them, like Storage Wars. And, they don't really make the rounds on social media. These are quiet, little events that take place on the local level of counties and towns.
If you want to check for these sorts of unclaimed property auctions, you can search your local area and around your state. You'll most likely find auctions with only a few dozen people in attendance.
Most people who attend these auctions have their minds set on certain things already, so bidding up of prices is a rare thing to happen. This means that you can realistically purchase a property for a few hundred dollars, and then resell for tens of thousands of dollars later on. Or you might decide to put some money into the property and actually make a home out of it. Whichever you choose, you're sure to find something in these property auctions that can greatly benefit you.
Worst case scenario? News of the auction you intend to go to end up leaking, and businesses show up to purchase property so that they can flip it. This is why it's much better to focus on small towns and on rural areas. For example, an auction in upstate New York will draw in a lot less people than an auction in New York City. This will give you better chances of purchasing an unclaimed property for cheap and make the most profit.
One last thing to keep in mind: these auctions aren't happening on a weekly basis. Some locations will only have one every few years, some every few months.
While you wait for one of this rare gem of an auction to pop up in your area, bide your time wisely by going back on the hunt for unclaimed funds. Use a reputable website to see if you're owed money from any other source. You never know where or when you'll find a few hundred dollars with your name on it.