BIZ NEW ORLEANS
7-8-16
NEW ORLEANS – Reps with CivicSource, the leading auctioneer of tax-distressed real estate, said while governments across the country are trying to avoid raising taxes, Louisiana’s local governments have found a way to increase revenues without increasing taxes – they are placing tax-adjudicated properties back on their tax rolls.
The Daily News
Bogalusa, LA-We’re happy that so far six homes that had been abandoned and off of the property tax rolls in Bogalusa have now been sold, are on the tax rolls and are on their way to looking better.
We want to congratulate the city leaders once again for voting to allow CivicSource to auction off abandoned property. Six houses isn’t a lot in the face of the dozens of abandoned properties, but it is better than nothing and we suspect when more people realize they can buy a home for $5,000 or $6,000, they will participate in CivicSource auctions. And while it is true that these houses may need a lot of work, the end result could easily be less than buying a home in better shape.
The Daily News
By Jesse Wright Published 7:18 am Friday, July 8, 2016
Bogalusa, LA – Just after 8 p.m. Wednesday, the house at 322 Caswell Ave. got something it hadn’t had in a long time — an owner.
It’s not clear who owned the home or when anyone last lived at the address. The unassuming residence is today hidden behind weeds as tall as a person. A window is broken. Around the side of the home, underneath the carport, a door stands open. The smell of mildew hangs in the summer heat. But all that could change thanks to a bidder and the CivicSource program.
Earlier this year, the city board allowed CivicSource, a private company, to auction off abandoned homes in Bogalusa. So far, Brian Danos, the chief operations officer for CivicSource, said his company has auctioned several homes in Bogalusa and Wednesday’s auction was the latest. By noon, the home had a single bid of about $5,300, but Danos said he couldn’t predict whether it would get higher.“We usually see a good bit of bids right at the beginning, and a good bit of people usually wait until the very end, and it becomes very interesting,” he said. That particular crept a bit higher and the house eventually sold for $6,010 after 66 bids.
City leaders agreed to let CivicSource auction off abandoned properties after dozens of such properties had piled up over the decades and, in those decades, the city had been able to auction not a single one.Danos’ company might not be the cheapest way to auction property — they charge fees to the homebuyers — but they’re among the most thorough. While the city did not guarantee the buyer a title free and clear, CivicSource does, meaning that a new home owner can’t be challenged if the abandoned home owner’s relative should ever come forward to claim it.
Danos said his hope is that by searching for the rightful owners of the property, those people will come forward and claim their home. “The best case scenario for everyone is if the delinquent home owner comes in and pays,” he said. “That’s what we’re hoping for. But there are times when delinquent owners just don’t pay.” In those situations, the home is auctioned and this way the city can earn some money through property taxes. Danos said by the time the homes go to auction, a buyer could have a new home free and clear within weeks. “We try to close each property within the month,” he said.
Though the service has been available since March, the auction process is still new in Bogalusa because CivicSource only runs auctions once a month. Counting this week’s sale, they’ve only sold half a dozen homes. “I guess we’ve done six so far, if you count the one today. That’s pretty good,” Danos said.
CivicSource operates auctions for cities across the state, including for New Orleans. He said he thinks selling six homes is good in a city the size of Bogalusa. “Yeah, I mean, it’s hard to tell in smaller cities what the level of interest is,” he said. “I’ve gotten a lot of phone calls asking about it.” He said he expects the business to pick up, as well. “As they sell, and if they’re renovated, we’ll see interest pick up. Word of mouth travels pretty quickly in these smaller cities,” he said.
The auctions are based on whatever properties get a deposit placed. If there is a deposit placed, then there will be an auction, though if the person who placed the deposit loses the bid, then the person will get the deposit back.“There’s only one instance when the depositor won’t get their money back,” Danos said. “That’s if it goes to sell and nobody bids in the auction. That’s what the deposit is for.”
So far, there are three auctions in Bogalusa slated for August and one for September and October, respectively. The auctions are always on the first Wednesday of the month.
To see the complete list of properties available in Bogalusa, visit the CivicSource website at www.civicsource.com.
The Daily News
Published 7:18 am Friday, July 8, 2016
Just after 8 p.m. Wednesday, the house at 322 Caswell Ave. got something it hadn’t had in a long time — an owner.
It’s not clear who owned the home or when anyone last lived at the address. The unassuming residence is today hidden behind weeds as tall as a person. A window is broken. Around the side of the home, underneath the carport, a door stands open. The smell of mildew hangs in the summer heat. But all that could change thanks to a bidder and the CivicSource program. Earlier this year, the city board allowed CivicSource, a private company, to auction off abandoned homes in Bogalusa.
Available Properties in East Baton Rouge Parish; Orleans Parish; Tangipahoa Parish; St. Bernard Parish; Jefferson Davis Parish; St. John the Baptist Parish and Bogalusa
New Orleans, LA (July 5, 2016) – CivicSource will host online auctions for adjudicated properties on Wednesday, July 6, 2016 from 8 a.m. to 8 p.m. at CivicSource.com. Over 100 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 $5,000, 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.
A deposit initiates the research and notification processes on a property, which is required by law prior to the property being scheduled for auction. 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. There thousands of available properties throughout Louisiana awaiting deposits and research in order to be taken to future auctions.
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.
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