lot in arkansas

[TrustUser]

What is the name of your state?california / arkansas

i hope this is the correct forum ? we inherited a lot in arkansas. i cant even sell it for $500. i am sick and tired of paying property taxes and hoa dues.

i just got an annual hoa bill for $192

i would like to simply abandon the property. i have already paid way too much for its worth.

what i was wondering was what sort of legal ramifications do i have by simply not paying any more on it ?

 

[TrustUser]

i would be happy to give it away. it is less than useless to me

 

[LdiJ]

i would be happy to give it away. it is less than useless to me

Are there neighbors with actual houses on any of the sides of the lot? Maybe one of them would take it for free. That is how my best friend's mother got rid of a lot that she couldn't sell.

 

[quincy]

What is the name of your state?california / arkansas

i hope this is the correct forum ? we inherited a lot in arkansas. i cant even sell it for $500. i am sick and tired of paying property taxes and hoa dues.

i just got an annual hoa bill for $192

i would like to simply abandon the property. i have already paid way too much for its worth.

what i was wondering was what sort of legal ramifications do i have by simply not paying any more on it ?

Although it is too late now, you originally could have refused to accept the inheritance.

You cannot really “abandon” real property. You can stop paying taxes on it, though. If you fail to pay taxes for a year, the land will be forfeited to the state. The downside to this is that the state can go after you for back taxes, penalties, interest, and costs.

Perhaps you can try to give the lot to the HOA, city or county, perhaps dedicate the land as a park.

http://www.cosl.org/phone/laws.html

 

[TrustUser]

thanks guys,

since i am trustee, the lot has been in my name as trustee for 15 years. and i am concerned about my credit.

there is one neighbor, cuz i just had to shovel out 275 to remove a tree that had been damaged in a recent windstorm

i have it listed, so i will call the broker this week. and i guess i will call the hoa, as well

there are no upsides for me, holding onto the property.

my dad purchased it originally when he retired - that was close to 40 years ago. and the value has gone down

i am just not throwing any more money down the drain !!

 

[adjusterjack]

If you are willing to give it away for free, fire your broker (he's not doing anything on a property that's not worth anything) and advertise it on Craigslist for the area where the property is located.

 

[PayrollHRGuy]

What area of the state is the lot located?

 

[TrustUser]

in a place called bella vista

when i google arkansas, it is just north of bentonville, which itself is north of rogers and fayetteville

 

[PayrollHRGuy]

That is a growing area. Unless the subdivision has been pretty much abandoned or it is a really bad lot I'm surprised it isn't selling.

 

[TrustUser]

thanks for the input

 

[adjusterjack]

Is your lot surrounded by miles of vacant land or is it close to lots where other homes have been built?

 

[TrustUser]

i have one next door neighbor - i dont know about the other side

 

[adjusterjack]

Offer it to the neighbor.

 

[TrustUser]

yea. i think my realtor already tried to sell it to them

i need to talk about it more with him - thanks

 

[bcr229]

The realtor probably put a decent price on it because they work on commission. If you want it gone badly enough that you're willing to just stop paying taxes on it and trash your credit, see if the neighbor wants it for $1 and you split the title fees instead.