HILCO REAL ESTATE, LLC Announces Absolute Auction of 130 +/- Homes and Residential Lots Throughout New Orleans on Behalf of New Orleans Redevelopment Authority (NORA)

NEW ORLEANS, Sept. 29, 2014 (GLOBE NEWSWIRE) -- As part of its ongoing successful auction program, New Orleans Redevelopment Authority (NORA) has directed the auction sale of 130± NORA-owned homes and residential development lots located throughout New Orleans, Louisiana. Properties will be sold absolute, regardless of price, to the highest bidder with NO MINIMUMS and NO RESERVES during a one day auction event to be held on Saturday, October 25, 2014. Illinois-based Hilco Real Estate, LLC, in conjunction with broker Paul A. Lynn, CCIM, Louisiana Licensed Real Estate Broker and Steven Mathis, Louisiana Licensed Auctioneer, have been retained to conduct this auction event. The auction will be held at The New Orleans Ernest N. Morial Convention Center, 900 Convention Center Blvd, (Hall H, Room 293), New Orleans, Louisiana. Parking is available across the street from the convention center. Registration will begin at 9:00 a.m. with the auction commencing at 11:00 a.m.

"Since our last auction in March, we continue to receive hundreds of inquiries from interested buyers. We are excited to make available this next pool of properties to the buying public," 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 agree to complete the rehab or construction on the properties they purchase within 365 days from closing and to keep their properties code compliant. Bidders may use a property purchased at the auction for green space if their current property is directly adjacent to a newly acquired auction property. Prior to the auction, 80± improved properties (structures) will be open for inspection on Saturday, October 11th and Sunday, October 12th. When inspecting the properties, buyers should bring a flashlight and dress appropriately, as the properties will not have power and could be in poor physical condition. Please visit www.hilcorealestate.com/NORA for specific inspection dates and 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 Wednesday, October 8, 2014 at 7:00 p.m. at the Dryades YMCA, 2220 Oretha Castle Haley Blvd., New Orleans, LA. Registration for this seminar begins at 6:30 p.m.

For more information about this NORA auction and to pre-register for bidding, please call 504-233-0063 or visit www.hilcorealestate.com/NORA.

About Hilco Real Estate: Hilco Real Estate, ("HRE") a unit of Hilco Global (www.hilcoglobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of accelerated real estate disposition services for corporations, lenders, servicers, receivers, bankruptcy attorneys, estates, private owners, investment companies as well as local, state and federal government agencies. Acting as an agent or principal, HRE applies its vast experience to advise and execute strategies, helping both healthy and distressed clients to derive maximum value from their real estate assets. By leveraging multi-faceted sales strategies & techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.

CONTACT: Gary Epstein Hilco Global Office: 847-418-2712 Mobile: 847-323-4943 Email: gepstein@hilcoglobal.com

Source: Hilco Global