Arkansas Foreclosures and Foreclosed Homes for Sale

While Arkansas allows both judicial and non-judicial foreclosures, they have a unique requirement, which entails lenders to have an appraisal of the property prior to the auction date, no matter whether the foreclosure is done in or out of court. This appraisal has important implications for the auction, which will be discussed later.

Judicial foreclosures ask the court to determine the exact amount the borrower is in default and specify a timeframe, usually 30 days, in which the full amount must be paid back. If the owner fails to settle the debt with the lender, the property will be allowed to be put up for sale by the general public in an auction.

If the mortgage contains a power of sale clause, the lender can foreclosure on the property as soon as the borrower is in default by filing a notice of default with the county. This also counts as the notice of sale, and will contain all relevant information regarding the upcoming auction. While these notices are posted in the county recorder's office, another excellent method of searching for these properties is in a local newspaper, where they must be published for four consecutive weeks.

Ownership of the property is transferred to the highest bidder immediately after payment, which must be made within 10 days of the close of the auction. However, the final sale price must be at least two-thirds of the appraised value, which must be on record. If this amount is not offered, another sale is scheduled. Anything over this amount, though, is accepted.

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