Online auctions of unsold tax-delinquent properties begin July 1
June 24th, 2021 by Joe Burgess
Arkansas property investors will be excited about a change coming to the Commissioner of State Lands Office.
Commissioner Tommy Land announced that his office will begin offering certain parcels for online auction next month.
“These are properties that were offered at auction but did not sell,” Land said. “The post-auction sales list has always been posted on our website, but those properties could only be purchased by mail. We’re moving that process online.”
The COSL office will still hold live, in-person auctions for newly-available properties. The online sales are only for the properties listed on the post-auction sales list. The online auction site is https://auction.cosl.org and properties will be available to view on July 1.
Bidding on any parcel begins when the first offer is made, and the bidding period for that parcel remains open for 30 days from that date. At the end of the 30 days, the winning bidder will be notified.
Only U.S. residents are eligible to purchase property. “Buyers must have a valid U.S. address and identification to purchase property through these online auctions,” Land said.
“The owner still has 10 business days to redeem the property after bidding ends,” he said. “After the expiration of that time, if the owner has not paid the delinquent amount, we will issue the limited warranty deed to the new buyer.”
He said his office is posting informational videos on its social media and website to demonstrate researching a property and how to bid in the online auctions.
“It’s a simple process, but it’s important that people do some research and understand what they’re bidding on,” Land said. “We’re offering free tutorial videos to help them learn more about this process.”
Post-auction sales are a big part of the COSL’s business. In 2020, when the office couldn’t hold public auctions due to the COVID pandemic, “we sold more than 5,400 parcels that had failed to sell at previous years’ auctions,” he said. In 2019, the last year of auctions, post-auction sales outnumbered auction sales by almost 3-to-1.
“By far, most parcels that are certified to us for delinquent taxes are redeemed by their owners,” he said. “But for those that are not redeemed, the auction and post-auction sales process gets them back into active tax status, which benefits everyone. We’re excited about the new online auctions, and I’m looking forward to more people getting involved.”
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