[UPDATE:] Bradley Howard with the City of New Orleans has reached out to Curbed NOLA regarding the upcoming online property and lot auction. All of the properties to be auctioned will go live this Friday at noon CST and are currently unavailable to view. Says Howard: "At least one person must pay the $650 to start the mandatory 90-day research and notification process that leads to an auction." Minimum bid prices will not dip below $3,000-$4,000, which is the estimated cost of "initial research, title insurance and all closing costs" excluding unpaid taxes.
For the first time ever, New Orleans is hitting the internet for a major property auction. Thousands of properties, like the one above, are tax delinquent. Their owners ignore far more than paying for their buildings, meaning a majority of those homes are blighted and in need of major work if they're standing at all. These properties have seen the auction block before but haven't been picked up, which is where additional incentives come in, like any sum above a minimum bid that successfully wins an auction goes towards unpaid taxes, to say nothing of the copious write-offs available. The auction kicks off on March 6 with minimum bids ranging from a miniscule $248.54 to hundreds of thousands of dollars. Eager to get bidding? Fork over $650 and participate in the pre-auction, which entails tracking down owners in three months' time. After that, all available houses and lots are fair game.
· Auction Website
· New Orleans to sell 3,000 tax-adjudicated properties in first-ever online auctions [NOLA.com]
· Auction Action [Curbed NOLA]
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