My sources tell me that Alabama SB257 was signed into law by the Governor today. It reduces the interest rate paid on the redemption of properties from tax sale from 12% to 8%. You can read the act HERE.
My sources tell me that Alabama SB257 was signed into law by the Governor today. It reduces the interest rate paid on the redemption of properties from tax sale from 12% to 8%. You can read the act HERE.
As of May 19, 2016, the Alabama Department of Revenue will no longer allow me (or anyone else) to change the name on an assignment purchased from them.
That means the State will not allow anyone to apply for a parcel in one name, then actually purchase it in another name.
There is a contractual solution to this between the non-State parties. I will plan to update this later.
UPDATED July 15, 2016 *************************************************
This means two things:
“NOTICE: As of 5/19/2016, the State Department of Revenue will no longer allow the application for property in one name and the execution of the purchase transaction in another name. This property will be purchased from the State in the name of the applying entity (either Dominion Legacy Inc or Dominion Resources LLC). Once we receive the certificate from the State, we will execute an assignment (affidavit) of the property to the entity of your choice. Your payment of this invoice acknowledges your understanding and acceptance of this policy.”
A reader has asked a good question: “Generally how long does quiet title process take in the State of Alabama?”
My answer: As most of you know I am not an attorney but I have observed a few “quiet title actions” up close. My layman’s opinion is that several factors can effect how long it takes to get a quiet title order. I am speaking of the process as it relates to tax deed properties only.
I have not known of one to take less than 3 months and I had one that lasted over 2 years.
I am sure that some of our attorney friends could provide additional information but these are factors that I have observed based on the few quiet title processes that I have witnessed.
If you have an active price quote (“option”) from the State Department of Revenue, and you don’t want to buy the lien yourself, we may be able to help. If you let us know soon enough, we can advertise the tax lien on our website and possibly get it sold for you. We normally charge our regular fee to the buyer but then split that fee with the person that got the price quote. Call or e-mail for details. 205-281-1587 or [email protected].
More and more I am running across folks that for various reasons want to liquidate a tax certificate or tax deed. We are glad to help you do that. Call or e-mail to discuss your specific situation. 205-281-1587 or [email protected].
I received the following question from a reader today:
“I’m new to the lien and deed investment game. I have applied for many properties in Jefferson county and now am waiting for a response. How long do we generally have to wait to hear back from the State about a deed/lien? I know they say 2-3 months but I want to know what others have experienced.”
That is a very relevant question. Based on my experience, there are at least two key factors that determine how soon you might receive a reply from the State after you have applied for a tax certificate or tax deed:
The office that handles these has I think four employees. They processes THOUSANDS of applications every year. I have found them to be remarkably efficient considering the number of items they handle.
Denise Evans has recently produced a very informative video on the subject of taking possession of tax certificate properties. There is very little information available about how to do this effectively. Denise is very thorough and I find her information to be very reliable. Download her free video HERE. (UPDATED 1/19/2016–The video was free at the time of this original post. Apparently she is now charging $7.99 for the 18 minute video.)
If you are an Alabama tax certificate investor, and you have had any county redemptions in the past year or so, you have probably received a “REDEMPTION AFFIDAVIT” which you have to fill out, sign, have notarized and return to the appropriate party.
If this is a nuisance to you, consider letting Alabama Tax Properties handle this process for you. THERE IS NO CHARGE TO YOU.
E-mail if you have interest: [email protected]
Have you ever been reluctant to pursue a tax lien or tax deed because you knew there were other outstanding liens?
This very informative article by Denise Evans regarding where liens appear in the “pecking order”, will help you sort through the issue.