City of New Orleans Lists Over 170 New Adjudicated Properties for Sale

City of New Orleans Mayor’s Office Press Release

SEPTEMBER 29, 2016

NEW ORLEANS — Today at noon, the City of New Orleans will list over 170 new adjudicated properties available for sale at CivicSource.com. These properties were adjudicated to the City due to unpaid property taxes. The properties went unsold at tax sale and in many cases have been off the tax rolls for years, not generating annual tax revenues for the City.

Since the City initiated the first online auction in July 2015, the sale of over 650 adjudicated properties throughout New Orleans neighborhoods has brought in almost $13 million in unbudgeted revenue for the City.

“The online auctions through CivicSource.com have been a resounding success for the City,” said Mayor Mitch Landrieu. “By using the City’s Open Data, we’ve turned property auctions into a civic entrepreneurship opportunity that is reducing blight quickly and returning these properties back to commerce and strengthening neighborhoods. In addition, the City is recouping important revenue so we can stay focused on our residents’ priorities of public safety, creating new jobs, fixing our streets and providing our kids enhanced recreational options.”

Hundreds of people have purchased property in New Orleans using the online auction process including local residents, business owners and non-profit organizations.

Jacob Peters, Bayou District Foundation’s Development and Project Coordinator, said, “We found the process to be very streamlined from placing the initial deposit to closing on the properties. Bayou District Foundation was able to purchase properties which aided in building out our holistic community revitalization model in the Gentilly neighborhood.”

Deputy Mayor Jeff Hebert, Chief Administrative Officer and Chief Resilience Officer, said, “Improving the appearance of neighborhoods has positive spillover effects such as increasing residents’ sense of safety and confidence in their neighborhoods. When responsible taxpayers purchase these properties, it helps in stabilizing our neighborhoods and our property values. We look forward to continuing these monthly auctions until the City has exhausted its backlog of adjudicated properties.”

The adjudicated properties will be plotted on a map and each property will include a detailed description. Investors will then be able to initiate the legal notification process by placing a $850 deposit on properties they are interested in. The earliest possible auction date will take place in March due to the 120-day pre-sale process. The City will only auction properties where five years have elapsed from the tax sale certificate filing date. The number of properties available for auction in March could change as delinquent property owners pay the taxes and fees due.

A key goal of the adjudicated property auction is to provide title insurance to the winning bidder through US 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 $850 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 US National Title Insurance (USNTI) Company authorized agent reviews the file for total compliance with USNTI’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 US National Title Insurance Company. Losing depositors will be refunded their $850 deposit within a few days.

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 City will hold the online auctions for adjudicated properties on the first Wednesday of every month, from 8:00 a.m. to 8:00 p.m., subject to a rolling close in the case of last-minute competitive bidding.

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.

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About CivicSource

CivicSource is the leading auctioneer of tax-distressed real estate. From tax sales to adjudicated property 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.

http://www.nola.gov/mayor/press-releases/2016/20160929-pr-city-lists-over-170-new-adjudicated-pr/

 

TOWN OF KENTWOOD TO CONDUCT ONLINE TAX CERTIFICATE SALE

KENTWOOD, LA – Sept. 19, 2016 – On Wednesday, September 21, 2016, the Town of Kentwood, LA will host a Tax Certificate Sale at CivicSource.com. By hosting the sales online, bidders who would not normally be able to attend the auction in person are still able to participate.

Currently, over 60 properties are slated to go to sale, ranging in price from $350 to $500. 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.

 

ST. MARY PARISH GOVERNMENT WILL HOLD AN EDUCATIONAL SEMINAR ON INVESTING IN TAX ADJUDICATED REAL ESTATE

FRANKLIN, La. (Sept. 13, 2016) – On Tuesday, September 20, St. Mary Parish Government will partner with CivicSource to hold an educational seminar on tax adjudicated real estate at 6:00 p.m. at the Patterson Area Civic Center located at 116 Cotten Road in Patterson, LA. The event is free and open to the public. Interested citizens will learn how to purchase tax adjudicated real estate with title insurance with an average starting price of $5,000. Read More

Bastrop’s adjudicated property may soon be sold in online auction

Bastrop Daily Enterprise

The Bastrop Mayor and Board of Aldermen meet in their regular monthly meeting Thursday night in Bastrop. Among the items discussed, was a presentation by Stephen Morel of CivicSource, a New Orleans company that hosts online auctions for adjudicated properties throughout the state. According to it’s website CivicSource “is the leading auctioneer of tax-distressed real estate. From tax sales to adjudicated property auctions, CivicSource digitizes due process compliance to ensure legally valid sales.”

CivicSource would list tax delinquent, adjudicated properties on it’s website, and hold online auctions to sale the properties. While the delinquent taxes are not a part of the process, by selling these adjudicated properties, the City would once again have them on the tax rolls and begin receiving tax revenue from them. Read More

Bidding in Online Property Auction Ends at 8 p.m. Sept. 9

Memphis Daily News

Bidders have until 8 p.m. (CST) Friday, Sept. 9, to bid on properties in the fourth and final online tax sale auction for 2016.

Shelby County government is offering more than 400 residential, commercial and vacant properties at www.CivicSource.com in the sale that began Sept. 7.

The tax sale is conducted four times each year and is a joint effort of the Chancery Court Clerk & Master and the Shelby County Trustee’s Office. For the final auction this year, the available properties are randomly grouped into four batches, with each batch having a different closing time. This will allow investors to redeploy unused capital throughout the sale.

As in the past, 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. Owners of the property may still pay the amount of taxes governing the sale up until the close of business prior to the day of the sale.

Interested parties can sign up for the tax sale at www.CivicSource.com. Register now for a free account.

Additional questions can be directed to the Shelby County Trustee, at 901-222-0200, or the Chancery Court Clerk & Master’s office at 901-222-3900.

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SHELBY COUNTY HOSTS FINAL ONLINE TAX SALE FOR 2016

MEMPHIS, Tenn. (Sept. 8, 2016) – In the fourth and final online tax sale auctions for 2016, Shelby County Government is offering over 400 residential, commercial and vacant properties at www.CivicSource.com, beginning Wednesday, September 7 at 8 a.m. through Friday, September 9 at 8 p.m..

 

The tax sale is conducted four times each year and is a joint effort of the Chancery Court Clerk & Master and the Shelby County Trustee’s Office. For the final auction this year, the 400 available properties are randomly grouped into four batches, with each batch having a different closing time. This will allow investors to redeploy unused capital throughout the sale.

 

As in the past, 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. Owners of the property may still pay the amount of taxes governing the sale up until the close of business prior to the day of the sale.

 

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.

 

Additional questions can be directed to the Shelby County Trustee, at (901) 222-0200, or the Chancery Court Clerk & Master’s office at (901) 222-3900.

Monthly auction of Baton Rouge properties Wednesday, after owners fail to pay taxes

The Advocate staff report 

East Baton Ropuge holds auctions the first Wednesday of each month to sell property seized when the owners did not pay their taxes.

A number of properties are up for auction on Wednesday, Sept. 7, from 8 a.m. to 8 p.m. Click here to see a map of available properties. Click here to see in list form.

In February the city owned about 2,000 tax adjudicated properties, many abandoned and blighted. That month, the city partnered with CivicSource, a New Orleans-based company that allows prospective buyers to place their bids online.

By law, the government can hold an auction once someone puts down a deposit, typically $850. The city then advertises the sale, puts it on the block and sells it to the highest bidder.

The winning bid covers the price of the title, closing cost and title insurance. The person who pays the deposit gets the money back if he or she doesn’t win the auction.

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