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News for Real Estate Investors and Landlords — sale

Unpaid Fire Dues and Tax Sales or Foreclosures

Posted by 15789465 on

If you buy tax sale property, and there is an unpaid fire dues assessment, who wins in the battle of the liens? That is the question one of my seminar attendees asked me. I did not know the answer, but offered to find out. I still don't know the answer, for sure, but here's my best opinion:  The fire dues are treated the same as a municipal assessment for sewer improvements, weed-abatement liens, and demolition liens. In other words, they trump the tax sale. The tax sale purchaser (or foreclosure investor, for that matter) will have to pay the dues...

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Attempt to Reduce Tax Sale Redemption Interest Rate

Posted by 15789465 on

Representative Rodgers of Jefferson County has introduced a bill in the Alabama State House to amend the tax sale redemption statute.  It is HB 388 Representative Rodger’s bill, if successful, would: Reduce the redemption interest rate from 12% to 1% per year for tax auction amounts, interim taxes, insurance premiums, and value of preservation improvements Allow for auction interest on only the taxes due at the time of the sale, and not on any surplus bid. Folks, do NOT take for granted that no one would vote for this bill.  I once spoke to a state legislator who was horrified...

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