Are you considering buying a property at an Arkansas tax sale? At PureTitle, we offer comprehensive tax sale services in Arkansas, including title insurance, title research, and in-depth assistance.
We’ll help you reduce the risk of your property purchase and guide you through every step, leaving no stone unturned.
Navigating a Tax Sale in Arkansas
Purchasing properties that have gone to tax sale can be an excellent way to buy real estate at a discounted price. But tax sales also come with their own risks and potential issues, and failing to research a property could leave you with more expenses and hassle than the property is worth. When you work with our team at PureTitle for expert tax sale services in Arkansas, we make the tax sale process simple, and you can rely on our expertise and advice at every turn.
What Is a Tax Sale?
When owners fail to pay their property taxes, their properties eventually go up for auction at a tax sale.
First, the local tax agency sends notices to the property owner of their tax delinquency, requesting payments. After a waiting period of between a few months and a few years, the property will go to auction. The property owner will then have a “right of redemption” period during which they can pay their tax bill in full and reclaim the property.
If the property owner doesn’t pay their tax bill, you can purchase it through a tax sale. You will either be responsible for paying the tax bill or will purchase the lien on the property, taking over the responsibility of seeking the delinquent tax payments.
Potential Tax Sale Risks We Can Help You Navigate
Before buying a property at a tax sale, make sure you understand all the risks involved. Below are a few of the most significant risks that could arise from a tax sale deed:
- Hefty tax bill: You should assume that you will owe a significant tax bill when you purchase a tax sale property. Most likely, the city will subtract the tax bill from the initial asking price, but depending on the number of bidders on the property, you may have ended up paying more than it was actually worth — and owe a steep tax bill on top of the sale price.
- Right of redemption period: Some jurisdictions give property owners a “right of redemption” period after their property has gone to auction. In this case, the owner may be able to reclaim their property after you have purchased it.
- Outstanding liens or mortgages: The tax sale title may have other outstanding claims, such as overdue mortgage payments, IRS liens, or overdue construction bills that you will now be responsible for paying.
- Property condition issues: Tax sale properties are often decrepit, abandoned, or otherwise in bad shape. That’s why most bidders conduct a property inspection before bidding on the tax sale property.
With our comprehensive tax sale services in Arkansas, we help you navigate and minimize these risks so that you can bid with confidence and mortgage without a quiet title.
PureTitle Tax Sale Services: With You Every Step of the Way
At PureTitle, we guide you through the entire tax sale process so you can make a safe and informed purchase decision. Our Arkansas tax sale services include:
- Comprehensive title insurance: We’ll provide guaranteed title insurance to protect you against claims on your new tax sale title.
- Fast and accurate title review services: We’ll collect a complete list of all interested parties and conduct comprehensive research to ensure no surprises in your purchase.
- Localized expertise: Our Arkansas tax professionals know the unique tax sale process in your area.
Seek Comprehensive Tax Sale Services in Arkansas
Our tax sale professionals at PureTitle will be your “virtual paralegals” through the sale process. Request your quote today online or by calling (504) 217-7986 to learn more about tax sale insurance and our other tax sale services in Arkansas.
