Those few counties using the new Alabama Tax Lien Auction "interest rate bid down" system allow investors to place their lowest annual interest they are willing to accept on the face value amount. Bids start at 12% simple interest per annum prorated monthly (Think 1% a month.) The lowest acceptable bid is 0% per annum. Bidding can be in 1% increments. The winner is determined by the lowest interest bid placed. If there is a tie at 0%, a random number generator will select the winner. (Think 0% per month.)
Pre-bidding allows bidders the convenience of reviewing properties and selecting the minimum interest rate they are willing to bid on a property at live auction. This bid can be placed once the county has opened prebidding. Go to http://govease.com/auctions for auction dates.
Registration and Getting Approved to Bid Summary:
2. Provide letter of credit, W-9 form, and other financial documents.
3. Coordinate payment arrangements through the specific county tax office.
5. Online webinar training will also be available starting around registration time at this link.http://govease.com/help. For more in-depth training on the bidding processes, GovEase offers tutorial videos for each step in the process.