MEMPHIS, Tenn. (Jan. 11, 2016) –Shelby County Government will hold the State of Tennessee’s first ever internet-based real estate tax certificate auction at www.CivicSource.com, beginning Tuesday, January 19th at 8:00 a.m. CST through Thursday, January 21st at 8:00 p.m. CST, subject to a sliding close. By hosting the sale online, bidders who would not normally be able to attend the auction in person are still able to participate.
Over 500 residential, commercial and vacant properties in Shelby County will be included in the January auction on CivicSource.com.
“The County is pleased to introduce this innovation by offering the tax sale in an online format,” said Shelby County Trustee David Lenoir. “Having the auction online opens up the market and can allow increased revenue to Shelby County.”
The tax sale allows investors to purchase the tax title to a property, which grants possession and ownership of the property following the expiration of the redemption period. In order to redeem their property, delinquent owners must are statutorily required to pay investors interest. Current interest is 12% per annum, which will begin to accrue on the date the purchaser pays the purchase price to the clerk and continuing until a motion to redeem is filed. The redemptive period for each property varies based on the number of years of delinquency, viewable on each property’s detail page at CivicSource.com .
The opening bid for a property includes delinquent city and county taxes, accrued interest and penalty charges, court costs, attorney fees, as well as service and title costs. The sale is open to the general public. Free registration and a list of available properties are available now at www.CivicSource.com.
“CivicSource allows citizens to actively better their community by helping to collect delinquent tax debt and offers Shelby County an opportunity to expand revenue potential,” said CivicSource CEO Bryan Barrios. “Participants are able to bid and monitor the auction remotely – offering convenience and efficacy through a sophisticated, yet user-friendly system.”
Additional questions regarding the process can be directed to the Shelby County Trustee, at (901) 432-4829, or the Chancery Court Clerk & Master’s office at (901) 222-3900.
Interested parties can sign up for the tax sale at http://www.civicsource.com. Register now for a free account and familiarize yourself with several investor friendly features such as custom watch-lists, sliding close and proxy biding.
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CivicSource is the leading auctioneer of tax-distressed real estate. From tax sales to adjudication auctions, CivicSource digitizes due process compliance to ensure legally valid sales. Founded in 2008, New Orleans based CivicSource has been recognized by Inc. Magazine’s 500|5000 as one of “America’s Fastest Growing Companies” and has been recognized as the one of the “Best Places to Work” in New Orleans for the past five years. For more information, visit: CivicSource.com.