Month: May 2016

NEW ORLEANS – The City of New Orleans will host its monthly online auction for adjudicated properties on Wednesday, June 1, 2016, from 8 a.m. to 8 p.m., subject to a rolling close in case of last-minute competitive bidding. Nineteen properties are scheduled to be sold throughout the community, where winning bidders will receive full ownership and title insurance for each property. The City reminds residents that there are over 900 properties still available for deposit to begin the research and notification processes before an auction may be scheduled. A list of these properties, as well as the list of properties in the July 6 auction, is available at CivicSource.com, which is also where the online auctions will take place.

A property is adjudicated to the City when its property taxes have not been paid – becoming delinquent – and the City is unable to sell the property at a tax sale. The City will only auction properties where five years have elapsed from the tax sale certificate filing date. Any interested party may bid on a property in the auction, whether or not they placed the initial deposit on the property (depositors who lose at auction will have their deposit refunded within a few days). There are still more than 900 properties awaiting deposits and research.

All owners of adjudicated properties scheduled for auction have received multiple notices of taxes owed with a legally-mandated 60-day repayment grace period, including first-class and certified notices of sales.

Once a property is successfully auctioned and then sold, all adjudicated property owners, as well as those who have a recorded interest in a delinquent property, will forfeit all rights to the property. The number of properties available for auction in June could change as delinquent property owners pay the taxes and fees due.

First Deputy Mayor and Chief Administrative Officer Andy Kopplin said, “These auctions will continue monthly as the City tries to get these properties back into commerce and ensures delinquent property owners get caught up on their taxes. We still have over 900 properties awaiting deposits across the city, so I encourage residents to go to CivicSource.com to check them out. All it takes is one depositor to start the research and notification processes so that we may schedule the property for auction.”

As properties clear the research and notification processes – and after they have been certified for insurability – they are scheduled for auction on a monthly basis.

The minimum bidding price will include the cost of the research and legal notifications, closing costs and the cost of the title insurance, which can range from $3,000 to $7,000 depending on the property. Unlike tax sales, the successful purchaser at an adjudicated property auction will own the property free and clear with title insurance underwritten by WFG National Title Insurance Company.

The City will hold the online auctions for adjudicated properties on the first Wednesday of every month, from 8 a.m. to 8 p.m., subject to a rolling close in the case of last-minute competitive bidding. The next auction is scheduled for Wednesday, July 6, 2016.

A key goal of the adjudicated property auction is to provide title insurance to the winning bidder through WFG National Title Insurance Company. In order to undertake the legal research to be able to offer an Owner’s Title Insurance Policy, each property has undergone a two-step process:

STEP ONE: THE PRE-SALE RESEARCH & NOTICE PROCESS

When an investor chooses to initiate the auction process on one or more properties, he or she will place a deposit of $650 on each property, which starts the prerequisite legal research and notification process that is required before the auction takes place. The pre-sale process takes approximately 120 days to complete. If the current property owner pays all delinquent taxes and fees during the pre-sale period, the depositor is refunded the deposit and the sale is halted.

STEP TWO: THE AUCTION

If the property is not redeemed by the conclusion of the research and notification period, a WFG National Title Insurance Company authorized agent reviews the file for total compliance with WFG’s prescribed underwriting guidelines. Properties that do not meet the guidelines remain in the research and notification processing stage until it is deemed either insurable or uninsurable within those guidelines. In the case of the latter, the property is excluded and the depositor is refunded; for properties that meet the guidelines, the auction date is set and the depositors are notified. When the auction goes live, the depositors and other interested parties place their bids and a regular online auction takes place (bidders do not have to place a deposit in order to bid, but a deposit is required to initiate the research and notification process that must occur before an auction can take place). The minimum starting price for each property includes the cost of the research and legal notifications, closing costs and the cost of the title insurance. Unlike online tax sales, the successful purchaser will own the property free and clear with title insurance guaranteed through WFG National Title Insurance Company. Losing depositors will be refunded their $650 deposit within a few days.

Questions about delinquent taxes and the adjudicated property sale process should be directed to Department of Finance’s Bureau of Treasury by calling toll free 1-888-387-8027.

###

https://content.govdelivery.com/accounts/LANOLA/bulletins/14bc0ba

 

News Release

East Baton Rouge Parish To Hold Online Auction For Tax Adjudicated Property June 1

More than 1,500 properties awaiting deposits and research in order to be scheduled for future auctions

EAST BATON ROUGE PARISH, LA (May 27, 2016)– East Baton Rouge Parish will host its monthly online auction for adjudicated properties on Wednesday, June 1, 2016 from 8 a.m. to 8 p.m. at CivicSource.com. A total of 24 properties are scheduled to be sold, where winning bidders will receive full ownership of each property with title insurance.

Adjudicated properties are properties that have failed to sell at a previous tax sale. The average starting bid on these properties is $4,000, which includes all closing costs, as well as the cost of title insurance. Title insurance protects the new land or home owners against any defects in the title of the property. The last auction was held on May 4^th with the highest property bid selling at $30,000.

An $850 deposit initiates the research and notification processes on a property, which is required by law prior to the property being scheduled for auction. Parish Officials said any interested party may bid on a property in the auction whether or not they placed the initial deposit on the property. If you are not the winning bidder, you are refunded your full deposit within a few days. Office of the Parish Attorney said there are more than 1,500 properties awaiting deposits and research in order to be taken to future auctions.

“I encourage residents to visit CivicSource.com to check out the available inventory. All it takes is one depositor to start the research and notification processes so that we may schedule the property for auction,” said Special Assistant Parish Attorney William R. Aaron, II.

Interested buyers can visit www.civicsource.com to view a map, a list, or a street view of the auction inventory and register to participate in the auction or place a deposit.

About CivicSource:

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, receiving the designation “Best Place to Work” in 2014.

 

###

 

TANGIPAHOA PARISH, LA – May 24, 2016 – On May 25, 2016, the Tangipahoa Parish Sheriff, City of Ponchatoula and Town of Amite will host Tax Certificate Sales at CivicSource.com. By hosting the sale online, bidders who would not normally be able to attend the auction in person are still able to participate.

Currently, over 400 properties are slated to go to sale, ranging in price from $120 to $16,000. The sales are open to the general public. Free registration and a list of available properties are now available at CivicSource.com.

A Tax Certificate Sale is the sale of properties that have delinquent taxes due. The tax certificates for these properties are sold to the public for the amount of the delinquent taxes due, plus any accrued interest, penalties, costs and other statutory impositions. The Tax Certificate Sale is a low-bid wins style auction, in which the property is sold to the purchaser willing to bid on the least percent ownership interest in the property.

Winning bidders of the tax sale are expected to pay for their purchases within 72 hours of the close of the auction. Payment must be made in one installment and all sales are final.

These auctions and all future tax sales can be viewed at CivicSource.com. Using the convenient search options, bidders can set the parameters for any property that falls within their interests and budget.

About CivicSource:

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, receiving the designation “Best Place to Work” in 2014. www.CivicSource.com

 

###

Monday, May 23, at 6:00 p.m., CivicSource will hold an educational seminar on investing in Louisiana tax-adjudicated real estate. The event is free and open to the public and will take place at The Southern Hotel located at 428 East Boston St. in Covington, LA.

CivicSource.com offers tax-adjudicated properties with title insurance for many taxing authorities across the state including St. Tammany Parish. Come learn how you can capitalize on this exceptional opportunity.

Learn more about the Louisiana adjudicated property auction process and view the full list of available St. Tammany Parish properties at CivicSource.com.

If you would like to attend this investment seminar email your RSVP to RSVP@CivicSource.com.

NEW ORLEANS, LA (May 17, 2016) – On Monday, May 23, 2016, CivicSource will hold an investment seminar for St. Tammany Parish tax adjudicated real estate at 6:00 p.m. at The Southern Hotel located at 428 East Boston St. in Covington, LA. Interested investors will learn how to purchase tax adjudicated real estate with title insurance.

St. Tammany Parish is taking the necessary steps to sell thousands of adjudicated properties through a new online auction process. The properties are those that previously went unsold in a tax sale, and as a result, became adjudicated to the parish. Only properties that have been adjudicated for more than five years will available. The sale will provide winning bidders with full ownership of each property along with title insurance.

St. Tammany Parish is collaborating with CivicSource to auction the tax delinquent properties. The sales will place these properties back on the tax rolls, return them to commerce and generate significant, recurring annual tax revenues to the parish. There is a complete listing of qualified adjudicated properties on CivicSource.com where investors nominate properties for auction through a sale initiating deposit of $750.

The online auction replaces the traditional adjudication sale held at the Courthouse where participants were required to be present during the auction process. By hosting the sale online, bidders who would not normally be able to attend the auction in person are still able to participate from their homes or places of business.

CivicSource has already proven successful in other communities across the state. Since launching in July, the auctions have collected nearly $20 million in unbudgeted revenue through the sale of almost 1000 properties.

If you would like to attend the investment seminar for St. Tammany Parish tax adjudicated real estate, email your RSVP to RSVP@CivicSource.com.

About CivicSource:

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, receiving the designation “Best Place to Work” in 2014. www.CivicSource.com

###

By Kim Chatelain, NOLA.COM The Times-Picayune

May 06,2016 at 11:52 AM

 

More than 1,000 tax-adjudicated properties in St. Tammany Parish might end up on the block as the local government embarks on an online auction program, the first of its kind in the parish. An initial inventory of 129 properties is now listed online through CivicSource, a leading auctioneer of tax-distressed real estate.

The goals of the auction are to put adjudicated properties back into commerce, reduce blight, offer property ownership to St. Tammany residents and give original property owners a chance to settle their outstanding tax bills and redeem their properties, the parish government said. About 1,300 properties are currently being evaluated for future auctions or redemption.

Parish President Pat Brister said anyone interested in owning property in St. Tammany is encouraged to browse the online property inventory and take advantage of a unique opportunity. The government will also benefit from the auction, she said.

“By placing these properties back into commerce, there will be an estimated economic impact of $275,000 per year, based on their assessment in the current state. With improvements, this amount will eventually increase,” Brister said. “In addition, property owners who live next door to properties already in the auction inventory and who meet certain legal requirements could … purchase that property for $1 plus closing costs. This is a great opportunity to increase their own property values, strengthen their neighborhoods and play an essential role in blight reduction.”

Kelly Rabalais, director of the parish government’s Legal Department, said that through the online auction process, the legal legwork to vet each property is part of the purchase price of each parcel.

“Parish government will have no out-of-pocket expenses, only net return,” Rabalais, said. “In addition, the fact that anyone, from the convenience of their own home, can participate in the auction increases the exposure to the sale and increases the opportunity for investment in St. Tammany Parish.”

Interested buyers may visit www.civicsource.com to view a map, a list or a street view of the initial auction inventory of 129 adjudicated properties and register to participate in the auction. Registered users may then nominate properties that will initiate the auction process through a $750 deposit and place the nominated property into an active auction.

With CivicSource as the auction facilitator, the final sale price of each property includes a clear title, title insurance and closing fees, the government said. The initial $750 deposit will go toward the sale price of the winning bid. If a person placing the deposit is outbid, the deposit will be returned to the losing bidder, parish officials said.

Complete details about the online auction process are available atwww.civicsource.com/help. Interested buyers may call 888.387.8033 weekdays from 8 a.m. to 5 p.m. to speak with a representative from CivicSource and have their questions answered.

The first adjudicated property sale by the parish government was held in 2013. It was a conventional auction conducted by an auctioneer and resulted in the sale of 81 properties for $394,400, officials said. That auction also resulted in the redemption of eight properties by the original owners who settled their outstanding tax bills with the parish.

http://www.nola.com/politics/index.ssf/2016/05/129_st_tammany_properties_part.html

The Advocate

BY STEVE HARDY| SHARDY@THEADVOCATE.COM

May 3, 2016; 5:45 p.m.

More East Baton Rouge Parish properties are headed to the online auction block Wednesday.

The city-parish is trying to sell 16 plots seized when owners didn’t pay their taxes. Prospective buyers may bid on the properties at CivicSource.com between 8 a.m. and 8 p.m. Opening bids range from about $3,500 to $6,500 and cover the cost of the title, closing cost and title insurance.

The city-parish has made several recent changes to its system of selling off tax adjudicated property. In February, it partnered with New Orleans-based CivicSource so potential buyers could scout land online. And there are many properties for sale — just under 2,000 heading into Wednesday’s auctions.

Auctions are held the first Wednesday of each month.

By law, the government can hold an auction once a prospective buyer puts a down a deposit — typically $750 — to buy a site. The city-parish then advertises the sale, puts it on the block and sells it to the highest bidder. The person who pays the deposit gets the money back if he doesn’t win the auction.

There are other ways to buy land from the government. At its last meeting, the Metro Council approved an ordinance beginning a Mow to Own program. In that program, neighbors who tend blighted property adjacent to their own for one year can strike a deal with the Metro Council to buy the land without sending it to auction.

So far, no one has purchased land under the new program, though four or five have expressed interest in taking advantage of it, said special assistant parish attorney William Aaron.

Aaron and Tara Wicker, the councilwoman who sponsored the ordinance, have said the city has two major reasons for wanting to make it easier to sell adjudicated land.

First, it could collect potentially millions of dollars in revenue by selling off the land it isn’t using. Additionally, many of the properties are blighted, and new owners could replace eyesores with economic drivers.

 

Greater Baton Rouge Business Report

News Roundup

Daily Report Staff

May 3, 2016

East Baton Rouge Parish will host an online auction via CivicSource.com for tax adjudicated properties from 8 a.m. until 8 p.m. Wednesday. The parish, in an attempt to collect delinquent real estate taxes, will sell 16 properties. The winning bidders will receive full ownership of each property with title insurance. The average starting bid for the properties, which includes closing costs, is $3,500 plus the cost of title insurance. In a statement, William Aaron II, special assistant parish attorney, says East Baton Rouge has found success online in addressing the number of adjudicated properties in the parish. A list, map and street views of the property up for auction is online. Registration for the auction is required.

 

St. Tammany Parish Government Press Release

Monday, May 2, 2016

St. Tammany Parish, LA– St. Tammany Parish Government has initiated the process of an online-adjudicated property auction through CivicSource, a leading auctioneer of tax-distressed real estate. The goal of this on-going property auction is to achieve multiple objectives including, the placement of adjudicated properties back into commerce, the reduction of blight, to offer the opportunity of property ownership in St. Tammany to every resident, and to give the original property owner a chance to settle their outstanding tax bills and redeem their properties. 1300 properties are currently being evaluated for future auctions, or redemption.

“By placing these properties back into commerce, there will be an estimated economic impact of $275,000 per year, based on their assessment in the current state — with improvements, this amount will eventually increase,” said Pat Brister, St. Tammany Parish President. “In addition, property owners who live next door to properties already in the auction inventory, and who meet certain legal requirements, could potentially purchase that property for $1 plus closing costs. This is a great opportunity to increase their own property values, strengthen their neighborhoods, and play an essential role in blight reduction. We encourage any person interested in property ownership in St. Tammany to browse the property inventory and take advantage of this opportunity.”

“Through this online auction process, the legal legwork to vet each property is part of the purchase price of each parcel. Parish Government will have no out-of-pocket expenses, only net return,” said Kelly Rabalais, Director, St. Tammany Parish Legal Department. “In addition, the fact that anyone, from the convenience of their own home, can participate in the auction increases the exposure to the sale and increases the opportunity for investment in St. Tammany Parish.”

Interested buyers can visit www.civicsource.com to view a map, a list, or a street view of the initial auction inventory of 129 adjudicated properties and register to participate in the auction. Registered users then nominate properties that will initiate the process through a $750 deposit and place the nominated property into an active auction. With CivicSource as the auction facilitator, the final sale price of each property includes a clear title, title insurance, and closing fees. The initial $750 deposit will go toward the sale price of the winning bid. Complete details about the online auction process are available at www.civicsource.com/help, or interested buyers can call (888) 387-8033, Monday-Friday from 8a.m.-5p.m. to speak with a help representative from CivicSource and have their questions answered.

The first adjudicated property sale by St. Tammany Parish Government occurred in 2013 and resulted in the sale of 81 properties for $394,400, as well as the redemption of eight properties by the original owners who also settled their outstanding tax bills with the Parish.

###