As a follow up to previous successful real estate auctions conducted by the New Orleans Redevelopment Authority (NORA), the organization will be conducting its next online-only auction sale of 130± structures and vacant lots located throughout New Orleans. Properties are subject to a minimum bid price of $4,000 per property. Bidding for this online auction event will commence at 8:00 a.m. (CT) Tuesday, September 29, 2020 and conclude between 12:00 p.m. and 5:00 p.m. on Wednesday, September 30, 2020. The auctioneer is Hilco Real Estate, LLC, in conjunction with licensed Louisiana broker and auctioneer Paul A. Lynn, CCIM.
"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 Brenda Breaux, 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 Fernando Palacios, managing director at Hilco Real Estate.
The properties are being sold on an "as-is, where-is" basis. Winning bidders are required to complete rehabilitation or construction on the properties within 365 days from the date of closing and keep such properties code compliant immediately after closing through completion of the rehabilitation or construction. Bidders may use the property for green space if their property is directly adjacent to the property acquired at the auction. There are five structures that will be open before the auction for inspection on Friday, September 18, 2020. 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.
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 virtual Buyer’s Seminar on Wednesday, September 16, 2020 with additional details to follow.