It's officially auction day. 1,786 New Orleans homes and lots are hitting the auction block online for the first time ever. Winning bidders get title and sale with bids starting at just $3,400. Not a bad way to own an extra bit of NOLA, right? For those a bit lost on the process, (we admit we were) Curbed NOLA presents an auction primer, taking you from initial research to final purchase.
That $650 fee can be paid by anyone — winning or losing bidder — to get the ball rolling and start the research and notice process. Property owners of adjudicated homes and lots have 90 days to pay their back taxes as well as any other fees. If they fail to, the property then hits the auction block.
The auction itself cannot go lower than the research and notification fee, plus closing and insurance costs. Winning bidders must pay the $650 research and notification fee and anyone who had already paid that amount but lost the auction will have their money refunded. Though homes are available online to glean a brief summary of and to throw down that initial fee, the actual auction itself won't take place until the summertime — more than enough time for the city to take care of some pesky issues dogging their claim that First American Title Investment will provide title insurance.
· NOLA Auction Website
· Insurance underwriter pours cold water on New Orleans property auction [NOLA.com]
· Over 3,000 NOLA Properties to Be Auctioned Online in March [Curbed NOLA]