The City of New Orleans will post the available properties in its first ever Adjudicated Property & Tax Deed Auction here on CivicSource.com at noon on Friday, March 6th. Investors will then be able to initiate the legal notification process by placing a $650 deposit on properties they are interested in.
Here is a link to the properties.
Properties in Adjudicated Property & Tax Deed are being sold by the City following the expiration of the redemption period associated with a previously conducted Tax Certificate sale. The winning bidder at a Adjudicated Property & Tax Deed is awarded full ownership of the property for, generally, a fraction of its value.
CivicSource.com Adjudicated Property & Tax Deed Sale properties that are sold and finalized at a closing will come with title insurance.
Properties are brought to auction in an investor-driven model. Instead of the taxing authority selecting a few properties to auction at a time, CivicSource.com publishes their entire catalogue. This way investors can identify individual properties or groups of properties of interest, and personally initiate the auction process.
When an investor chooses to initiate the auction process on one or more properties, she places a deposit on the property, which starts the prerequisite legal research & notification process necessary before sale.
If during that process someone pays all delinquent taxes & fees, the depositor gets her money back.
Otherwise, the depositor will be notified when the auction date is set. At that time, the auction goes live, and the depositor can place her bid. There is a minimum-starting price determined by the taxing authority plus costs, and from there it’s a standard auction wherein the premium bid wins.
If the depositor is not the winning bidder, she is refunded her deposit, and the winning bidder is charged that amount.
CivicSource.com will then provide all legal documentation and schedule a closing to transfer the deed to the purchaser.
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Enjoy the Sale!