Where can I find out more information about Foreclosure Auctions in Arkansas?
To learn more about foreclosure sales, go to the website of the relevant County or Foreclosure Sale Agent, or contact the County or Foreclosure Sale Agent directly. Legal notices are also distributed in a variety of local newspapers that participate in the program.Always double-check all foreclosure sale details with the proper Foreclosure Sale Agent. The Foreclosure Sale FAQs that follow were not created in collaboration with any Foreclosure Sale Agent. These FAQs are given solely for educational and instructional purposes, and are not intended to replace professional advice, whether legal, real estate, or otherwise. The given information is subject to change. Please make use of the county-specific links and contact details given for the most up-to-date information.
To learn more about the foreclosure process and foreclosure sales, prospective bidders should obtain legal advice and carefully read the foreclosure notice, the Foreclosure Sale Agent’s Terms of Sale, and contact the Foreclosure Sale Agent.
What is the procedure for a foreclosure sale in Arkansas?
A public auction is held for a foreclosure sale, and is open to all bidders. As is usually the case, the property is either sold to a third-party buyer or reverts to the beneficiary (Mortgagee, Bank, or Lender) as a Real Estate Owned (REO) Foreclosure. Please contact the appropriate Foreclosure Selling Agent for a copy of the bidding rules and a thorough explanation of the sale process.
When and where do foreclosure auctions take place?
The time and location of foreclosure sales can be determined by the county or by the Foreclosure Sale Agent. For more details, please refer to the foreclosure notice or contact the Foreclosure Sale Agent directly
What do I carry to the foreclosure auction?
As of December, 2018, only cashier’s checks will be accepted. It will not be possible to pay with personal checks, business checks, letters of credit, or credit cards. For more details, please refer to the foreclosure notice or contact the Foreclosure Sale Agent directly.
Can a property be postponed or cancelled?
A property’s sale could be canceled or postponed for a variety of reasons prior to the start of bidding at the auction. There is no assurance that a specific Property will be put up for sale. For more details, please refer to any foreclosure notices or contact the Foreclosure Sale Agent directly.
Is the property free of all liens and encumbrances?
No, not typically. Many homes will be sold “as is, where is,” with all flaws and restrictions. Both potential bidders are encouraged to do their own due diligence and research into all aspects of the Properties they are interested in purchasing. Prior to the sale, it is recommended that you obtain independent counsel to complete your due diligence and gain a thorough understanding of the foreclosure process and foreclosure sales in general. It pays to do your homework! Prior to the sale, you must conduct a title check and request any necessary advice from counsel.
Is it possible for me to inspect the property?
No, since these properties may be occupied, prospective bidders may not trespass on the property, annoy the owners, or contact the borrowers for property details. Additionally, you may complicate the foreclosure process and risk having it postponed.
Will a deed of sale be sent to me?
In the majority of cases, the winning bidder will obtain a deed after the transaction is completed. For more details, please refer to the foreclosure notice or contact the Foreclosure Sale Agent directly. Your local county office will have more detailed information for that county.
Is there a foreclosure redemption period in Arkansas?
Yes, there can be a redemption period after a foreclosure sale, which varies depending on the form of foreclosure, the type of property, and the disposition of the property. Important: During the repayment period, the creditor has the option to redeem the property. During the redemption period, you cannot evict tenants or receive rent. For further information on the Arkansas redemption date, please contact your real estate attorney or the Foreclosure Sale Agent.