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AmeriBid LLC Sells 135 Properties at Absolute Auction in New Orleans on Behalf of the New Orleans Redevelopment Authority (NORA)

NEW ORLEANS, April 9, 2013 (GLOBE NEWSWIRE) -- On Saturday, March 23, 2013, the New Orleans Redevelopment Authority (NORA) sold 135 homes and lots in what will be one of the largest Absolute Auctions held this year. All buyers walked out with fully executed contracts and all closings are scheduled to occur within 30 days. AmeriBid LLC acted as Auctioneer with Louisiana Real Estate Broker Paul A. Lynn, CCIM. Over 500 people were in attendance at the New Orleans Ernest N. Morial Convention Center. The properties sold are part of a portfolio of thousands of properties that were sold to the State of Louisiana's Road Home Program and later obtained by NORA through the Louisiana Land Trust.

"This auction, as well as October's successful auction, continues the process of placing these properties back into the hands of the private sector. These auctions serve as another tool in the on-going effort of rebuilding neighborhoods to reduce blight in New Orleans," said Jeff Hebert, Executive Director of NORA.

"AmeriBid is pleased to be able to work with NORA and these Absolute Auction programs are a very effective, transparent process, in finding today's true market value for this diverse group of properties," comments Paul A. Lynn, CCIM, Regional Director and LA Broker with AmeriBid LLC.

The talented AmeriBid auction team was led by Fernando Palacios, AmeriBid LLC Regional Director and Broker in the Mid-Atlantic Region. While hundreds of buyers competed for properties located throughout many of the historic neighborhoods of New Orleans in Orleans Parish, no buyer was restricted from being able to obtain a property during the auction. Auction participants included first time home owners, young buyers wishing to obtain their "dream home," developers, investors, and many others interested in the rebuilding of New Orleans, while diminishing the lingering urban blight in some areas. Buyers will be required to build or rehabilitate the purchased auction property within 365 days, in accordance with all required building ordinances and codes. The next live auction is planned for fall 2013. To be notified of future NORA auction events, register at www.ameribid.com/nora or www.noraworks.org.

About AmeriBid

AmeriBid LLC is the premier global real estate auction leader specializing in the sale of commercial and residential real estate, land properties and other assets for lenders, servicers, receivers, bankruptcy attorneys, estates, private owners, investment companies and local, state and federal government agencies.

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CONTACT: Media Contact Michelle Baker 877.895.7077 michellebaker@ameribid.com

Source: AmeriBid