NEW ORLEANS, Feb. 25, 2014 (GLOBE NEWSWIRE) -- As a follow up to its previous successful auctions of a combined over 350 properties that took place in 2012 and 2013, New Orleans Redevelopment Authority (NORA) has directed the next auction sale of an additional 135+/- homes and development lots located throughout New Orleans. Properties will sell absolute to the highest bidder regardless of price with NO MINIMUM and NO RESERVE, at a one day auction event to be held on Saturday, March 29, 2014. The Auctioneer is Tulsa-based AmeriBid LLC, with broker Paul A. Lynn, CCIM, Louisiana Licensed Real Estate Broker. The auction will be held at The New Orleans Ernest N. Morial Convention Center, Hall H Room 293. Parking is available across the street. The auction will commence at 11:00 AM. Registration will begin at 9:00 AM.
"Since our last auction, we are continuing to receive hundreds of inquiries. We are excited to make available this next pool of properties," said Jeff Hebert, NORA's Executive Director. "During the previous auction events, savvy home buyers and investors were able to establish their own purchase price through the competitive bidding process. Buyers felt they were able to obtain properties in various neighborhoods throughout New Orleans at fair prices," stated Paul A. Lynn, CCIM, Louisiana Real Estate Broker.
The properties are being sold on an "AS-IS, WHERE-IS" basis. Winning bidders will agree to rehab or begin construction on the property within 365 days and keep it code compliant. Bidders may use the property for green space if their property is directly adjacent to the property acquired at the auction. Each buyer will need to know they can close on their purchase within the required timeframe and receive pre-approval for their own personal financing. There are 50+/- improved properties that will be open before the auction for inspection on Saturday, March 15th and Sunday, March 16th. When inspecting the properties, prospects should bring a flashlight and dress appropriately, anticipating a property that will not have any power and could be in poor physical condition. Please visit ameribid.com/nora for specific times.
Closing is required within 30 calendar days after the auction and financing will not be a contingency, so buyers will need to know they can close on their purchase within the required timeframe and receive pre-approval for their own personal financing. Buyers must obtain and maintain Flood Insurance for any structures, as a condition of closing. Additionally, there will be a Buyers Auction Seminar on Tuesday, March 11, 2014 7:00 PM at the Dryades YMCA 2220 Oretha Castle Haley Blvd. Registration begins at 6:30 PM.
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