ABSOLUTE AUCTION – By order of the New Orleans Redevelopment Authority (NORA). This is your opportunity to bid on 130± homes and lots throughout the city of New Orleans. All properties sell Absolute to the highest bidder!
Saturday, March 23, 2013 11:00 AM CDT
900 Convention Center Blvd, Ernest N. Morial Convention Center, Hall I, Room 293, New Orleans, LA 70130
ABSOLUTE AUCTION – Whether you are a future homeowner, builder, Non-Profit organization, or an investor, this is your opportunity to bid on 130± homes and residential lots located throughout the City of New Orleans. All properties sell Absolute to the highest bidder!
The properties are located in many neighborhoods in New Orleans including Little Woods, West End, Gentilly Terrace, Holy Cross, Read Blvd East, Lakeview, West Lake Forest and many others. Be sure to inspect each property before bidding and be prepared to close your purchase within the required 30-day closing period. All properties are sold in “As-Is, Where-Is” condition.
The New Orleans Redevelopment Authority (NORA), in its effort to catalyze neighborhood redevelopment, will auction a number of former Road Home and NORA-owned properties in Orleans Parish (certain restrictions apply, see Sample PSA for details). The single day, live auction is intended to complement continuing neighborhood recovery and to respect the uniqueness of New Orleans’ neighborhoods. The properties included in the auction are generally located in neighborhoods that have seen strong redevelopment following the storm. The sale of these properties in these neighborhoods will strengthen an already strong private real estate market.
Winning bidders will agree to rehab or complete construction on the property within 12 months (365 days) and keep it code compliant and free from blight. Bidders may also utilize the property for green space if they are a directly adjacent property owner. For more details on buyer’s requirements and restrictions, please review the Sample Purchase and Sale Agreement.
Lots are open for view at your leisure and many of the structures will be open for inspections before the auction on Saturday, March 9th, from either 11:00 AM – 1:00 PM or 2:00 PM – 4:00 PM, see web site at ameribid.com/nora for specific times.
The auction will be held on Saturday, March 23, 2013 in Room 293 of the Ernest N. Morial Convention Center in New Orleans, located at 900 Convention Center Blvd. Please use Hall I Entry. Registration begins at 9:00 AM. The auction will begin at 11:00 AM. Convenient parking is located directly across the street from the Convention Center.
Due to the extensive portfolio of this unique one-day auction event, it is difficult to determine the total time required to complete the auction. If you are a successful bidder, anticipate approximately an additional hour for completion of the contract process.
Limit on Purchases:
No single buyer or buying entity will be able to purchase more than five (5) properties during this auction event.
Save time by registering early for the auction and avoid long lines on auction day! Simply download the Pre-Registration Instructions from our website, thoroughly read and understand the Auction Purchase and Sale Agreement and the Terms and Conditions. Then sign the Terms and Conditions and fax (918-895-7076) or email (firstname.lastname@example.org) forms to AmeriBid’s office by Wednesday, March 20th at 3:00 PM CDT. Once AmeriBid has received the required document, we will send an email confirming your registration. When you arrive at the auction, go to the “Pre-Registration” table and present your confirmation email, government issued ID, and certified funds (see below). We will have your bidder number waiting for you. This is the fastest way to register for the auction.
Bidder will be required to present a government issued ID and certified funds. When you arrive at the auction go to the registration tables, read, complete and sign the Auction Terms & Conditions, show us your certified funds (see below) and we will issue you a bidder number. On-site registration will be open at 9:00 AM on Saturday, March 23rd and will remain open throughout the day for bidders wishing to attend later during the auction session.
You are required to provide cashier’s checks, money orders or cash in order to register and bid at this auction. You will need to have funds with you at the time of registration in a minimum amount of $1,500 per property in the form of a cashier’s check, money order or cash, to be used for your initial deposit. The deposit MUST be increased to a minimum of 10% of the bid price with cashier’s checks, money order, or cash for each property you purchase. NO PERSONAL OR BUSINESS CHECKS OR CREDIT CARDS WILL BE ACCEPTED AT THE AUCTION FOR DEPOSITS – NO EXCEPTIONS. Checks should be made out to yourself and endorsed to Jackson & McPherson, as escrow agent if you are the high bidder and will need to equal 10% in “good funds” of the Total Purchase Price. Any additional deposits over the 10% made at the auction will be credited toward your total purchase price at closing. The deposit will become your initial down payment and the balance of the Total Purchase Contract plus closing costs will be due at the time of closing, to be completed within 30 days of the auction.
If you cannot be at the auction on March 23rd, you may submit bids during the auction or enter bids online via the AmeriBid online bidding platform. Click on the “Online Bidding Requirements” and follow the instructions. You may also contact our office and we can guide you through the process. To bid online, you must complete all parts of the registration process by Wednesday, March 20th at 3:00 PM CDT. Additional requirements include receipt of a Minimum Deposit of $1,500 per property by wire transfer into the title company’s escrow account, returning the signed Auction Terms & Conditions to the auction company, and agreeing to pay a $750 on-line buyer’s fee at closing.
Paul A. Lynn, CCIM, Broker #76068-ASA, AmeriBid Lic: AB-368.
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