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Hilco Real Estate, LLC Announces Online Only Auction

NEW ORLEANS, Oct. 7, 2015 (GLOBE NEWSWIRE) -- As a follow up to previous successful real estate auctions, the New Orleans Redevelopment Authority (NORA) for the first time is conducting an ONLINE ONLY auction sale of 60± structures and vacant lots located throughout New Orleans. Properties are subject to a minimum bid price of $2,500 per property. Bidding for this online auction event will commence at 8:00 a.m. CT Monday, November 9, 2015 and conclude between 12:00 noon and 8:00 p.m. on Tuesday, November 10, 2015. The Auctioneer is Northbrook, IL based Hilco Real Estate, LLC, in conjunction with broker Paul A. Lynn, CCIM, Louisiana Licensed Real Estate Broker and Steven Mathis, Louisiana Licensed Auctioneer.

"As with our previous auctions, we are continuing to receive hundreds of inquiries. We are excited to make available this next pool of properties through this online auction event," 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 Steven Mathis, Louisiana Licensed Auctioneer.

The properties are being sold on an "AS-IS, WHERE-IS" basis. Winning bidders are required to complete rehab or construction on the property within 365 days from the date of closing and keep it code compliant immediately after closing. Bidders may use the property for green space if their property is directly adjacent to the property acquired at the auction. There are 25± structures that will be open before the auction for inspection on Saturday, October 17th. When inspecting the properties, prospective buyers 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 www.hilcorealestate.com/NORA for specific times to view the structures.

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 have available pre-approval for their own personal financing. Buyers must obtain and maintain Flood Insurance for any structures, as a condition of closing. There will be a Buyer's Seminar on Tuesday, October 13, 2015 at 7:00 PM at the Dryades YMCA, 2220 Oretha Castle Haley Blvd. Registration begins at 6:30 PM.

For more information about this NORA auction and to pre-register, please phone Fernando Palacios at 504-233-0063 or visit www.hilcorealestate.com/NORA.

Hilco Real Estate is headquartered in Northbrook, IL, and is a member of the Hilco Global family of companies. Hilco Global is a privately-held, diversified financial services company that is a premier global real estate services organization providing Advisory, Monetization and Valuation services for corporations, lenders, servicers, receivers, bankruptcy attorneys, estates, private owners, investment companies as well as local, state and federal government agencies.



A photo accompanying this release is available at:
http://www.globenewswire.com/newsroom/prs/?pkgid=36772

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

Source: Hilco Global