Memphis, TN – Shelby County Government will host its January 2016 Tax Sale online at CivicSource.com starting Tuesday, January 19^th at 8:00 a.m. CST and ending Thursday, January 21^st at 8:00 p.m., subject to a sliding close. Properties will be available to view starting December 19^th at 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.

When registering, be sure to opt-in to our email newsletter. We will send an update with additional information on the Shelby County Tax Sale and provide a link to the available properties on December 19th.

Enjoy the sale!

 

VIA http://nola.gov/mayor/press-releases/2015/20150903-pr-adj-property-wrapup/

NEW ORLEANS – On Aug. 5, the second in a series of innovative online monthly auctions for adjudicated properties brought in over $4 million after 417 people placed more than 14,600 bids to buy all 170 properties that were for sale. In addition, 15 delinquent accounts of $525,657.11 were paid in full in the weeks leading up to the auction. Altogether, the adjudicated property auction process has so far brought in more than $8.3 million for the City of New Orleans through two auctions and is helping to revive economic activity and create a fairer tax system. The next auction, which will be held on Wednesday, Sept. 2, 2015, currently includes 165 properties scheduled for sale.

The City also reminded residents that there are over 1,000 properties still available for deposit to begin the research and notification processes before an auction may be scheduled. A list of these properties is available at CivicSource.com, which is also where the online auctions take place.

“Our second auction successfully helped bring 185 properties back into commerce,” said First Deputy Mayor & CAO Andy Kopplin. “These innovative auctions are operating tremendously well and the energy and excitement in the revitalization of New Orleans is apparent. We look forward to continuing these monthly auctions until the City has exhausted its backlog of adjudicated properties. We still have about 1,000 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.

Councilmember-At-Large Stacy Head said, “The great success of these first two auctions should give confidence to neighboring property owners, first-time homebuyers, investors and others that the adjudicated property auction is an excellent way to acquire property in New Orleans. With thousands of properties available, it’s possible to find one in almost any neighborhood. I urge everyone to visit CivicSource.com to view the available properties.”

A property is adjudicated to the City when its property taxes have not been paid – becoming delinquent – and the City is unable sell the property at a tax sale. The City only auctions properties where five years have elapsed from the tax sale certificate filing date.

In the Aug. 5 auction, 126 people bought 170 properties for a cumulative total of $4,079,600 (nearly 90 percent of the winning bidders were from Louisiana). The highest bid in the auction was $237,000 for a commercial building at 13000 Chef Menteur Highway. There were about 24,400 due process notifications mailed for the August sale and yard signs were placed on each property before the auction as part of the extensive efforts to contact and alert property owners. The revenue will be used to cover the cost of the sale and pay back the taxes owed to the appropriate entities, such as the City of New Orleans, Board of Liquidation, Orleans Parish School Board and Sewerage & Water Board. All remaining revenue will go to the City of New Orleans, where it can be used to invest in key resident priorities, such as community revitalization, public safety, street repairs and parks and recreation.

According to State law, the original property owner(s) have until the closing of the real estate transaction to pay the taxes owed and retain the property. If they do so, the winning bidder and depositors would be fully refunded their money. Once the property is successfully sold to the winning bidder, all adjudicated property owners, as well as those who have a recorded interest in a delinquent property, forfeit all rights to the property.

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. The City is scheduled to sell about 165 properties on Sept. 2. The number of properties could change as delinquent property owners pay the taxes and fees due.

Earlier this year, the City made 1,786 adjudicated properties available for sale through auction, more than 90 percent of which were vacant lots and more than 80 percent had been adjudicated to the City for longer than 10 years. Once a deposit is placed and properties clear the research and notification phase – and after they have been certified for insurability – they are scheduled for auction on a monthly basis.

Any interested party may bid on the property, 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). The minimum starting 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. A list of the properties for auction is available at CivicSource.com, which is also where the online auctions take place.

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, during pre-sale period, the current property owner pays all delinquent taxes and fees, 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 interest 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.

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.

via nola.gov

NEW ORLEANS – The City of New Orleans will host its second in a series of online monthly auctions for adjudicated properties on Aug. 5, 2015, from 8 a.m. to 8 p.m., subject to a rolling close in the case of last-minute competitive bidding. The City is scheduled to sell about 176 properties throughout the community, where winning bidders will receive full ownership of each property. The City also reminds residents that there are over 1,000 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 Aug. 5 auction, is available at CivicSource.com, which is also where the online auctions will take place.

As a result of the first online adjudicated property auction in July, New Orleans brought in more than $2.5 million after 318 people placed over 8,000 bids to buy 79 properties. In addition, more than 44 delinquent accounts of $1,170,326 were paid in full in the weeks leading up to the auction. Altogether, the first auction brought in nearly $3.7 million for the City of New Orleans – helping to revive economic activity and create a fairer tax system.

“Last month’s adjudicated property auction was a resounding success,” said Mayor Mitch Landrieu. “These auctions are doing much more than putting properties back into commerce, they are also helping to strengthen our communities and collect important revenue for the City to invest in residents’ priorities, such as community revitalization, public safety, street repairs and parks and recreation. These auctions are just the latest example of the renewed spirit of investment we’re seeing here in New Orleans, from former residents coming back home to buy properties in their old neighborhoods to world-renowned companies like the Four Seasons coming to downtown. These investments, along with the City’s affordable housing plans, will ensure that we continue to progress and that every resident shares in that prosperity.”

“So far, seventy-nine properties that have been blighted, a burden on the City, and shifted property tax obligation to those taxpayers who pay their debts, are now back in commerce,” said Councilmember-at-Large Stacy Head. “The success of this first auction should give potential bidders even more confidence in the process, and therefore we anticipate even more participation and bidding in future auctions. While the initial revenue generation for the City and other taxing bodies is wonderful, the real benefit will be seen in years to come as these properties become homes for New Orleanians and continue to stabilize neighborhoods.”

A property is adjudicated to the City when its property taxes have not been paid – becoming delinquent – and the City is unable 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 1,000 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. In fact, more than 24,400 due process notifications have been mailed for the 176 properties in the August sale – more than 138 notifications per property. Also, about three in four properties scheduled for auction on Aug. 5 are vacant lots.

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 August could change as delinquent property owners pay the taxes and fees due.

“Our first auction went very well and we witnessed in real time the strong interest residents have in investing in their own communities,” said First Deputy Mayor & Chief Administrative Officer Andy Kopplin. “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 about 1,000 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.”

Earlier this year, the City made 1,786 adjudicated properties available for sale through auction, more than 90 percent of which were vacant lots and more than 80 percent of properties had been adjudicated to the City for longer than 10 years. 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 8:00 a.m. to 8:00 p.m., subject to a rolling close in the case of last-minute competitive bidding. The next auction is scheduled for Wednesday, Sept. 2.

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.

NEW ORLEANS – NOLA.com – New Orleans’ first ever online auction of adjudicated properties was a barn burner, with bidding wars springing up on several properties, including a vacant lot in the Bayou St. John neighborhood that went for $143,000.

It was the third-most expensive property sold Wednesday (July 1). A storefront on St. Claude Avenue went for $333,000. The lone property for sale in Treme, a shotgun, sold for for $162,000.

Only one of the 80 listed properties failed to sell, bringing in a total of $2.5 million, according to preliminary numbers issued by the city.

City officials were unavailable to comment on the auction, which closed at 8 p.m. for most properties but extended more than an hour later for others as bidding wars pushed back the final bell. For a city that until now had been unable to sell hardly any tax-delinquent properties in recent memory, building up an inventory of 3,000 parcels that haven’t paid taxes in five years or more, the auction looks like an unqualified success.

The data released by the city suggests that the bulk of the properties were purchased by individual buyers rather than investors buying multiple properties. About 84 percent of the properties went to buyers that purchased only a single property.

In addition to the $2.5 million brought in by the sales, the city reaped another $1.2 million in back taxes and penalties paid by property owners who came forward to pay their bills after the auction was announced. Two of the owners appear to have redeemed the properties within 24 hours of the auction.

Even for those whose properties were sold, all is not lost. They can redeem the properties anytime before the sales are closed, which should happen in about three weeks.

For the properties that went for well more than their outstanding tax bill, developers, having seen what the market will bear, may very well seek out owners whose property has been sold in an effort to turn a quick profit. In the case of the Bayou St. John property, for example, the outstanding taxes come to only $18,000 or so. If an investor tracked down the owner, listed as a Quirin Hestein Jr., they might offer to cover the tax bill plus $10,000 lagniappe for him, then turn around and sell the property for nearly five times that amount.

The city plans to hold similar monthly auctions until its inventory is exhausted. The next, an auction of 190 properties, is scheduled for Aug. 5.

By Robert McClendon, NOLA.com | The Times-Picayune

Read the whole story on NOLA.com

NEW ORLEANS – Auction Process Raises Nearly $3.7 Million So Far; Next Auction Scheduled for Aug. 5

The first in a series of monthly auctions for adjudicated properties in New Orleans brought in more than $2.5 million after 318 people placed more than 8,000 bids to buy 79 properties in what City officials are calling a “resounding success.” In addition, more than 44 delinquent accounts of $1,170,326 were paid in full in the weeks leading up to the auction. Altogether, the adjudicated property auction process has so far brought in nearly $3.7 million for the City of New Orleans and is helping to revive economic activity and create a fairer tax system. The next auction will be held Aug. 5, 2015, where 190 properties are currently scheduled for sale.

“The City’s first-ever online adjudicated property auction was a resounding success,” said Mayor Mitch Landrieu. “This process will do more than put these properties back into commerce, it will also help strengthen our communities and collect important revenue for the City to invest in residents’ priorities, such as community revitalization, public safety, street repairs and parks and recreation. This auction is just the latest example of the renewed spirit of investment we’re seeing here in New Orleans, from former residents coming back home to buy properties in their old neighborhoods to world-renown companies like the Four Seasons coming to downtown. These investments, along with the City’s affordable housing plans, will ensure we continue the growth and progress we’re seeing since Katrina and that every resident shares in that prosperity.”

Councilmember-At-Large Stacy Head said, “Seventy-nine properties that have been blighted, a burden on the City, and shifted property tax obligation to those taxpayers who pay their debts, are now back in commerce. While the initial revenue generation for the City and other taxing bodies is wonderful, the real benefit is in years to come as these properties become homes for New Orleanians and continue to stabilize neighborhoods.”

A property is adjudicated to the City when its property taxes have not been paid – becoming delinquent – and the City is unable sell the property at a tax sale. The City only auctions properties where five years have elapsed from the tax sale certificate filing date. The average length of delinquent accounts for the City’s adjudicated properties is 22 years.

In the July 1 auction, 65 people bought 79 properties for a cumulative total of $2,528,805 (more than 85 percent of the winning bidders were from Louisiana). The highest bid in the auction was $330,000 for a commercial building at 2438 St. Claude Ave. There were more than 9,850 due process notifications mailed for the July sale and yard signs were placed on each property before the auction as part of the extensive efforts to contact and alert property owners. The properties scheduled for auction in July had an accumulated debt of $2,514,248.32, which included back taxes, penalties and interest. The revenue will be used to cover the cost of the sale and pay back the taxes owed to the appropriate entities, such as the City of New Orleans, Board of Liquidation, Orleans Parish School Board and Sewerage & Water Board. All remaining revenue will go to the City of New Orleans, where it can be used to invest in key resident priorities, such as community revitalization, public safety, street repairs and parks and recreation.

“This auction represents a great moment for the City and taxpayers,” said First Deputy Mayor & CAO Andy Kopplin. “When a small, select group of taxpayers don’t pay their taxes, it’s not fair to the vast majority of law-abiding taxpayers who are forced to pick up the slack and pay more than their fair share. This auction has helped bring delinquent taxpayers into compliance and bring properties throughout the city back into commerce. These auctions will also spur residential development to help relieve the pressure of the housing market, driving down the cost of buying and renting in New Orleans. We look forward to continuing these monthly auctions until the City has exhausted its backlog of adjudicated properties.”

According to State law, the original property owner(s) have until the closing of the real estate transaction to pay the taxes owed and retain the property. If they do so, the winning bidder and depositors would be fully refunded their money. Once the property is successfully sold to the winning bidder, all adjudicated property owners, as well as those who have a recorded interest in a delinquent property, forfeit all rights to the property.

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. The City is scheduled to sell about 190 properties on Aug. 5 and 171 properties on Sept. 2. The number of properties could change as delinquent property owners pay the taxes and fees due.

Earlier this year, the City made 1,786 adjudicated properties available for sale through auction, more than 90 percent of which were vacant lots and more than 80 percent had been adjudicated to the City for longer than 10 years. Since then, more than 635 properties have had deposits placed, moving these properties into the research and notification phase. More than 75 percent of the depositors live in Louisiana. As properties clear the research and notification phase – and after they have been certified for insurability – they are scheduled for auction on a monthly basis.

Any interested party may bid on the property, whether or not they placed the initial deposit on the property (depositors who lose at auction will have their deposit refunded). The minimum starting 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. A list of the properties for auction is available at CivicSource.com, which is also where the online auctions take place.

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, during pre-sale period, the current property owner pays all delinquent taxes and fees, 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 interest 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.

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.

VIA http://www.nola.gov/mayor/press-releases/2015/20150702-pr-auction-update/

 

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.

Sign up for the newsletter for more updates.

Enjoy the Sale!

 

 

The City of New Orleans will be hosting its 2015 Annual Tax Certificate Sale Tuesday March 10th through Thursday March 12th here on CivicSource.com. The sale will open at 8am CST on Tuesday the 10th and close at 8pm CST on Thursday the 12th. There are over 4,000 properties available for purchase.

Note that the City has moved its sale from September to March. Click here to view the properties in the sale.

Investors purchase the tax sale certificate by paying the outstanding delinquent tax amount. Property owners have a 3 year redemptive window in which to pay the investor the delinquent amount, an immediate 5% penalty plus and additional 1% for every month since the filing of the tax certificate or risk loosing full ownership of the property. To learn more about the Tax Sale process, see our help guides.

Enjoy the Sale!

FEBRUARY 24, 2015