subject: Is There Federal Tax Lien Foreclosure Sale In Alabama? [print this page] This is the age when foreclosed homes are more attractive and practical as investments. That is because as the volume of foreclosures reach record-highs, prices drop to interesting and surprising levels. Alabama foreclosures are among the most sought-after. But have you heard about so-called federal tax lien foreclosure sale? Is it true you could generate more savings upon buying in such auction?
To begin with, a tax lien is incurred if there is unpaid property tax or utility bill. In 29 states in the country, including Alabama, such liens could be gathered to be resold to investors through a federal tax lien foreclosure sale. The buyer of the liens gains the privilege or right for debt collection. Thus, it is considered a good investment.
How is Alabama foreclosures linked to federal tax lien foreclosure sale? You may not be fully aware of it, but a number of Alabama foreclosures that are up for sale in the market could be tax liens. There is nothing illegal about buying such properties. However, sellers of such tax liens (mostly banks) are not comfortable in disclosing their identities during sale.
In May to June last year, Bank of America and Fortress Investment Group acquired tax liens through various auctions in Florida. It was found that the companies bid for same parcels for up to 8,000 times. There is irregularity in the process. Many critics say this practice inappropriately revs up the system to cause confusion. It could also indicate the greed of some businesses.
If you could identify sellers in any federal tax lien foreclosure sale, you could be in the right direction. As you scour the market for Alabama foreclosures, you might come across several tax lien foreclosures that are up for sale. There is nothing wrong with buying such distressed properties. But sometimes you may get to wonder how the original owner fell into tax liens.
Meanwhile, Alabama foreclosures are 23rd highest in the US last November, according to data released by a property tracking firm there were 2,754 foreclosed homes. Some of those foreclosed homes could have been sold in any federal tax lien foreclosure sale.
BuyForeclosuresSale.com is a complete source of information related to foreclosures. Updated and accurate foreclosure listings you find here as well.
by: Dywon Marck Taylor
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