Category: News

March 22, 2016

By Linda A. Moore of The Commercial Appeal

The second online-only Shelby County real estate property tax sale will be held April 5-7 and this time comes with one significant change.

Under the new format, all sales begin at 8 a.m. April 5, but properties are grouped in four random batches that end at 6 p.m. and 8 p.m. on both April 6 and April 7. The staggered endings give potential buyers the opportunity to bid and make adjustments throughout the sale.

“We anticipate greater participation and bidding in this second online auction,” county Trustee David Lenoir said in a statement.

There are now 427 parcels available for sale, but some properties may be removed if the delinquent taxes are paid.

During the county’s first online tax sale, Jan. 19-21, the number of bidders more than doubled from past sales, Lenoir said.

The trustee’s office will hold a Real Estate Road Show with details on the sale and the land bank process from 2:30-4 p.m. Thursday at the Memphis Area Association of Realtors, 6393 Poplar.

To register for the tax sale go to civicsource.com.

Mar 22, 2016 – 4:07 PM

FOX13 Memphis

Shelby County will be hosting an online tax sale auction, with more than 400 residential, commercial and vacant properties being up for grabs.

The three-day auction will run from 8 a.m. on April 5 until 8 p.m. on April 7.

According to the county, the auction’s properties will be “randomly grouped into four batches, with each batch having a different closing time. This will allow investors to redeploy unused capital throughout the sale.”

Once a property bid opens, the opening bid will include the “delinquent city and county taxes, accrued interest and penalty charges, court costs, attorney fees, as well as service and title costs,” the release said.

MEMPHIS, Tenn. (March 22, 2016) – AM 990 Business Spotlight with Shelby County Trustee David Lenoir

Click link to listen to Shelby County, TN. Trustee David Lenoir discuss the innovation and ease of online tax sales.

 

 

 

 

 

The City of New Orleans will be hosting its 2016 Annual Tax Certificate Sale Tuesday, April 12th through Thursday, April 14th on CivicSource.com.

The sale will open at 8am CST on Tuesday the 12th and close at 8pm CST on Thursday the 14th. There are over 4,000 properties available for purchase.

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 an additional 1% for every month since the filing of the tax certificate or risk losing full ownership of the property. To learn more about the Tax Sale process, see our help guides.

Enjoy the Sale!

NEW ORLEANS —Several adjudicated properties across New Orleans are up for auction Wednesday.

The city of New Orleans said the online auction will take place from 8 a.m. to 8 p.m. Officials said 40 properties are up for bids Wednesday.

Organizers said winning bidders will receive full ownership and title insurance for each property. The online auction is being held through Civic Source.

Adjudicated properties are those which property taxes have not been paid and the city is unable to sell the property at a tax sale. Properties will only be auctioned after five years have passed from the tax sale certificate filing date.

Link: View properties up for auction online here

Officials said any interested party may bid on a property in the auction whether or not they placed the initial deposit on the property. The city said there are more than 900 properties waiting deposits and research.

City leaders said all owners of adjudicated properties set for auction have received multiple notices of taxes owed with a legally mandated 60-day repayment grace period. Once a property is auctioned and sold, adjudicated property owners will forfeit all rights to the property.

The next auction will take place April 6, where 25 properties will be available. More information about the properties can be found online.

Biz New Orleans

March 1, 2016

NEW ORLEANS – The City of New Orleans will host its monthly online auction for adjudicated properties on Wednesday, March 2, 2016, from 8:00 a.m. to 8:00 p.m., subject to a rolling close in the case of last-minute competitive bidding.

Forty 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 March 2 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 March 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 8:00 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, April 6, where about 25 properties are scheduled for auction.

 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.

COVINGTON, LA (February 10, 2016) –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. This is the parish’s first adjudicated property sale in a few years, and it is the parish’s first time using an online auction to sell adjudicated properties.

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. Since buyers pay the total cost of bringing these properties to sale, the parish and taxpayers pay nothing. St. Tammany parish will post a complete listing of qualified adjudicated properties to CivicSource.com and allow investors to nominate properties for an auction through a sale initiating deposit.

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 over $16 million in unbudgeted revenue through the sale of over 600 properties. New Orleans’ first-ever online auction of adjudicated properties was a tremendous success with bidding wars springing up on several properties. Anyone interested in participating in St. Tammany’s auction may register online prior to the auction at CivicSource.com.

St. Tammany parish officials are hopeful these auctions will help spur new development, reduce blight and strengthen neighborhoods across parish.