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Surplus Fund Mastery Review – Spencer Vann

by Jarad 6 Comments

Surplus Fund Master – Spencer Vann, reveals the dirty little secrets to claiming money for homeowners who don’t even know it’s there… Is this legal? Is this even a real thing? Are there really MILLIONS of dollars in money that goes unclaimed? Let’s jump deeper into this unique strategy and discover the truth about surplus funds…

spencer vann surplus recovery agentSurplus funds is not a new concept or strategy. While it may or may not be new to you, you may also know it as Overages, Tax Sale Overage, Surplus Recovery, Tax Sale Surplus, Unclaimed Funds from Tax Sale, Mortgage Surplus … I could on and on the different names people have used to describe this strategy.

So what exactly is this strategy and how does it work…

Well if you watched the webinar, Spencer did a good job explaining how the process works.

The Surplus Recovery Process

Those who didn’t watch the webinar and just want short and sweet version, Surplus Funds is exactly what it sounds like.

When a homeowner defaults on their mortgage (stops making payments) and continues to not make payments, eventually it goes into foreclosure if they can’t work out a deal with the bank.

There are many reasons as to why a homeowner may stop making payments… for whatever reason, it doesn’t really matter.

Let’s say the homeowner has been making payments on their for the last 10 years. Loans have been paid down a bit. Along with making payments each month, their home has also increased in value in the last 10 years. There is now $100,000 equity in this home.

The home is worth more than what is owed to the banks…

The homeowners now fall on hard times, lose their jobs, get a divorce, whatever the case and they can’t refinance because of credit issues. They are embarrassed and don’t want their friends to know they are struggling so they don’t try to sell.

The home goes into foreclosure and eventually is sold on the auction block. Remember, they have $100K equity in this home.

The home sells at auction. An investor buys the home at a discounted price from the auction.

The foreclosure laws state that if there are any “additional” funds or Surplus Funds available from the sale of the house after all lien holders are paid (mortgages from banks, liens, etc.), those Surplus Funds rightfully go the homeowners.

It’s basically as if the homeowner sold the house. They get to keep all the proceeds from the sale after paying everyone off to clear title to the home.

So let’s say in our example, even though the investor buys the house at a discount, we learn that there is in excess $50,000 after everyone is paid off. This “Overage” or “Surplus” should go directly to the homeowner.

Here’s what’s crazy…

The attorney in the county in which the auction was held, who sold the home, generally does nothing to notify the homeowner of this surplus when there is one. And most homeowners have no idea they are even entitled to this money.

So you can imagine when the homeowner gets a phone call saying they have money waiting for them. Most of them are in disbelief and think it’s a scam.

This is one of the reasons why it’s so important to know what to say and how to say it. Because if you say the wrong thing, they will never believe you.

Surplus Fund Mastery Outline

What Spencer Vann has done is put together a program that teaches how anyone can make money with Overages. There are a lot of “little” details which a lot of training programs leave out.

Here is a quick outline of the program?

– 6-Week Surplus Fund Masterclass
– Surplus List Lead Site Access
– Access to their Facebook Group Coaching Page + Group Coaching Calls with Spencer, David, and Rick
– Surplus Fund Expert Scripts (phone, email, direct mail, and more)
– Surplus Fund Expert Contracts
– Surplus Warrior Marketing Plan

There are specific steps one must take in this business, and Spencer, I feel has done a good job walking students step by step through this process. He’s created a very specific checklist of what to do and the order in which to do it.

All you have to do is follow the steps.

Surplus Funds FAQ

1) Does the program tell you where and how to obtain the list?

Yes. There are certain states that are far better for these Surplus Recovery Lists. Some states not as good. Good news is that it doesn’t matter which state you live in, you can do this from home, if you have the right team in place. There are even phone scripts you can use to request these lists.

2) Do you have to pay for the list?

No. You can obtain these lists from the county. They are public record.

3) After obtaining the list, how do you find the person to call?

This is a great question. After you have sifted through the list (some of these lists are extremely large, so you’ll need to know what to look for) there are a few different ways to find the original homeowner. Obviously, they don’t live where they used to. Social media has proven to be an extremely useful tool. There are other resources as well which are explained. Last resort is a skip trace, and probably most effective.

4) Once you find the person, what do you say to them?

This is all explained in the training. There are even scripts for all this. You just want to let them know who you are, that you are a professional, and that you are helping them get back what is rightfully theirs.

5) Does the program have the proper documents you need to use?

Yes. All the documents you need are included in this training.

6) Are there any other fees incurred after purchasing this program?

Yes. There are going to be fees. Each state will have different fees associated with the filing. Those fees are extremely small. But as far as fees from Spencer, I don’t believe so. The program is complete.

7) How long does the entire process take?

It depends on the state. In some states, the courts have built-in delays to ensure that any other party that may have a claim on the surplus is notified. If this is the case, it could take 2-3 months. This is one of the reasons why you may want to consider doing this in multiple states or have multiple deals going at one time.

Our Conclusion

Here’s the reality of surplus funds….

It’s exciting and can give someone huge paydays. However, it’s extremely competitive and there are really only a small number of areas worth going into. Those areas are full of attornies and people already established doing the same thing. It sounds easy, but it’s not. Most of these recovery agents have been established in the area for years and it takes a lot of time and work and you have to have the right team in place to even make it work. It’s best to team up with an attorney if you can. Glen Arnell, an expert in surplus funds and a friend, who has been doing this for the past decade, when he says it’s tough, it’s tough!

I’m not trying to discourage, I’m being honest and upfront saying it’s not for everyone.

Turnaround time is +90 days. Look, if there is a 90-day 100% money-back guarantee, you have nothing to lose. But Surplus Funds is not for the faint of heart.

Filed Under: Real Estate Training, Reviews Tagged With: Mortgage Surplus, Overages, Surplus Recovery, Surplus Recovery Agent, Tax Sale Surplus

Reader Interactions

Comments

  1. james e eddings says

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    In the state of Nevada how do I acquire the claim sheet without the social security number.The state of Nevada requires this to file a claim

    Reply
  2. Nate Evon says

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    My biggest thing is just the legal side of things. I’ve done sells. I’ve done the cold calling, I just need the legal documentation and know how on how to claim the money!

    Reply
  3. Steven G Gonzales says

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    I Purchased The program But I cannot even find anyone to talk to

    Reply
    • Mike says

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      The 7k program??

      Reply
  4. Arnold says

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    Can we really believe someone who does a lot of Paid Articles to Promote himself? Read about him so little trust issue.

    https://www.letmeexpose.com/exposing-spencer-vann-ceo-surplus-fund/

    Reply
  5. Moah Patterson says

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    I’m disgusted with this company. I was so excited to join his academy, he seems very personable and genuine. Now that I’ve experienced his team, I’m convinced these ppl are scamming people out of 7k. I was scammed into a 7k loan. I was told from their “team lead/coach” Taylor about this program they offered where I can pay out of pocket $373. She mentioned financing, and right away I told her it was not an option for me. She said fine, and put me in touch With Sammie who collected all my personal information(SSN bank acct info, references, address, debit/credit card #, job info and more) I asked why I was being asked this information if I’m paying out of pocket. She then told me that if I didn’t make a payment this is how they’d collect.. so I continued with the idea that as long as payments were made in time I’d be fine. Once u gave her all of my info, and signed there contract..she sent me a text telling me to call another number. No explanation, just call this number and let me know afterwards. So I asked, “who am I calling?” She advised I’d be calling the special financing company to confirm my identity and make the payment. I called and the woman who answered was very frank with me(THANk GOD) she told me as soon as I let her know I was confused about what she’s asking me to agree to that ID JUST GOTTEN MY CREDIT RAN FOR A 7k LOAN THAT WOULD BE PAID ON MY BEHALF. After speaking with Taylor and Sammie, neither of them ever said the word Loan to me. Whenever they said financing, I’d ask for clarification and was quickly reassured. I immediately declined the loan and sent Taylor a text asking if she could call me. No response. I reached out to there Facebook Admin and then Taylor reached out the following day,saying she had food poisoning. When I spoke to Taylor she had a completely different recollection. She said we’d discussed things we’d never discussed and “vaguely” remembered what actually happened. I should mention that according to her, the zoom calls are recorded. But coincidentally she asked to call me instead of zoom me because she was having technical issues. So of course, none of this is on record. Long story short, she told me there was no one else I could speak with as she is the team lead, but said she’d try to do something about the points in my credit from there unauthorized credit check. She eventually had Greg call me, who she explained wasn’t any higher in the company, to help. The call was pointless as he couldn’t do anything about the situation either. He did say he was going to make sure to advise taylor and Sammie that they must make students aware that they are applying for a loan.. which to me should go without saying. They managed to go 20-30 minutes without ever saying THIS IS A LOAN, yet Greg doesn’t believe it was intentional. Not an honest company from my experience.

    Reply

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