Began: Saturday, October 27, 2012 at 1:00 PM CDT
Location: 900 Convention Center Blvd, Ernest Morial Convention Center, Room 245, New Orleans, LA 70130
Began: Wednesday, October 10, 2012 at 7:00 PM CDT
Ended: Wednesday, October 10, 2012 at 8:00 PM CDT
Location: 2220 Oretha Castle Haley Blvd., Dryades YMCA, New Orleans, LA 70113
ABSOLUTE AUCTION – Whether you are a future homeowner, builder, Non-Profit organization, or an investor, this is your opportunity to bid on 125± homes and residential lots located throughout the New Orleans area. All properties sell Absolute to the highest bidder!
The properties are located in many neighborhoods in New Orleans including Bywater, Broadmoor, Central City, Mid-City, Lakeview, West End, Holy Cross, Bayou St. John, Fairgrounds, and many others. Be sure to inspect each property before bidding and be prepared to close your purchase within the required 30-day closing period. All properties are sold in “As-Is, Where-Is” condition.
The New Orleans Redevelopment Authority (NORA), in its effort to catalyze neighborhood redevelopment, will auction a number of Road Home and NORA-owned properties in Orleans Parish (certain restrictions apply, see Sample PSA for details). The single day, live auction is intended to complement continuing neighborhood recovery and to respect the uniqueness of New Orleans’ neighborhoods. The properties included in the auction are generally located in neighborhoods that have seen strong redevelopment following the storm. The sale of these properties in these neighborhoods will strengthen an already strong private real estate market.
All properties were screened for Lot Next Door eligibility and offered to the Lot Next Door eligible neighbors where they exist. Winning bidders will agree to rehab or complete construction on the property within 12 months (365 days) and keep it code compliant and free from blight. Bidders may also utilize the property for green space if they are a directly adjacent property owner. For more details on buyer’s requirements and restrictions, please review the Sample Purchase and Sale Agreement.
The Buyer Seminar will be held on October 10, 2012 from 7:00-8:00pm at the Dryades YMCA located at 2220 Oretha Castle Haley Blvd. Free parking on site. Registration begins at 6:30pm.
Lots are open for view at your leisure and many of the homes will be open for inspections before the auction on Saturday, October 13th or Sunday, October 14th, from either 11:00 AM – 1:00 PM or 2:00 PM – 4:00 PM. Please refer to the auction catalog for specific details.
The auction will be held on October 27, 2012 in Room 245 of the Ernest Morial Convention Center in New Orleans. It is located at 900 Convention Center Blvd. Please use the E Concourse Entry. Registration begins at 11:00am. The auction will begin at 1:00pm.
Due to the extensive portfolio of this unique one-day auction event, it is difficult to determine the total time required to complete the sale. It is anticipated the properties will be sold sequentially, but the Seller and the Auctioneer reserve the right to offer some of the properties in a Buyer’s Choice bidding format. If you are a successful bidder, anticipate approximately an additional hour for completion of the contract process.
Limit on Purchases:
No single buyer or buying entity will be able to purchase more than five (5) properties during this auction event.
Early Registration Option:
Save time by registering early for the auction and avoid long lines on auction day! Simply download the Pre-Registration Instructions from our website, thoroughly read and understand the Auction Purchase and Sale Agreement and the Terms and Conditions. Then sign them and fax or email them to our office by Wednesday, October 24th at 3:00 PM CDT. Once National Residential Auctioneers has received everything, we will send an email confirming your registration. When you arrive at the auction, go to the “Pre-Registration” table and present your confirmation email, government issued ID, and certified funds (see below). We will have your bidder number waiting for you. This is the fastest way to register for the auction.
Bidder will be required to present a government issued ID and certified funds. When you arrive at the auction go to the registration tables, read, complete and sign the Auction Terms & Conditions, show us your certified funds (see below) and we will issue you a bidder number. On-site registration will be open at 11:00 AM on Saturday, October 27th and will remain open throughout the day for bidders wishing to attend later during the auction session.
We are requiring cashier’s checks, money orders or cash in order to register and bid for this auction. You will need to have with you at the time of registration a minimum of $1,500 per property in the form of a cashier’s check, money order or cash, to be used for your initial deposit. The deposit MUST be increased to 10% of the bid price with cashier’s checks, money order, or cash for each property you purchase. NO PERSONAL OR BUSINESS CHECKS OR CREDIT CARDS WILL BE ACCEPTABLE AT THE AUCTION FOR DEPOSITS – NO EXCEPTIONS. Checks will be made out to Jackson & McPhearson, as escrow agent and will need to equal 10% in “good funds” of the Total Purchase Price. The deposit will become your initial down payment and the balance of the Total Purchase Contract will be due at the time of closing, to be completed within 30 days of the auction.
If you cannot be at the auction on October 27th, you can submit bids during the auction or enter bids online via Proxibid, our online auction partner. Click on the “Online Bidding Requirements” and follow the instructions. You may also contact our office and we can guide you through the process or you may call Proxibid Customer Service at (877) 505-7770. To bid online, you must complete all parts of the registration process by Wednesday, October 24th at 3:00 PM CDT. Additional requirements include receipt of a Minimum Deposit of $1,500 per property wire transfer to Jackson & McPherson, returning the signed Auction Terms & Conditions to the auction company, and agreeing to pay a $750 on-line buyer’s fee at closing.
CLICK HERE to bid online.
In cooperation with AmeriBid, LLC. Paul A. Lynn, CCIM, LA Broker #76068-ASA. National Residential Auctioneers License #AB-369
Please see complete Terms & Conditions in the documents section.
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