NORA Property Absolute Auction

Pictured: 4907 Music in Gentilly Terrace

ABSOLUTE!  Sells to Highest Bidder

No Minimum! No Reserve!

October 27, 2012 – 1:00 p.m.

Registration will begin at 11:00am the day of the auction for those intending to bid.

The auction is open to the public with no restrictions. Anyone can attend and bid on the properties.

CLICK HERE TO VIEW THE AUCTION CATALOG

ABSOLUTE AUCTION – Whether you are a future homeowner, builder, Non-Profit organization, or an investor, this is your opportunity to bid on 125± homes and residential lots located throughout the New Orleans area.  All properties sell Absolute to the highest bidder!

The properties are located in many neighborhoods in New Orleans including Bywater, Broadmoor, Central City, Mid-City, Lakeview, West End, Holy Cross, Treme, Bayou St. John, Fairgrounds, 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 Road Home and NORA-owned properties in Orleans Parish.  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.

All properties were screened for Lot Next Door eligibility and offered to the Lot Next Door eligible neighbors where they exist. 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.

Additional properties with unusual characteristics and in high demand for redevelopment are also included in the auction. For a complete list of properties of historic significance, see “Property Auction List” and “Catalogs” for details.

Auction Location:

Ernest Morial Convention Center
E Concourse, Room 245
900 Convention Center Blvd., New Orleans, LA 70130
October 27, 2012 – 1:00 p.m.

Registration will begin at 11:00am the day of the auction for those intending to bid.

The auction is open to the public with no restrictions. Anyone can attend and bid on the properties.

Early Registration Option - Save time by registering early for the auction and avoid long lines on auction day!  Simply download the Pre-Registration Instructions from the NORA website, thoroughly read and understand the Auction Purchase and Sale Agreement and the Terms and Conditions. Then sign them and fax or email them to the NORA office by Wednesday, October 24^th at 3:00 PM CDT.  Once National Residential Auctioneers has received everything, 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.

On-Site Registration - 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 11:00 AM on Saturday, October 27^th and will remain open throughout the day for bidders wishing to attend later during the auction session.

Deposits - We are requiring cashier’s checks, money orders or cash in order to register and bid for this auction.  You will need to have with you at the time of registration a minimum 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 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 ACCEPTABLE AT THE AUCTION FOR DEPOSITS – NO EXCEPTIONS.  Checks will be made out to Jackson & McPhearson, as escrow agent and will need to equal 10% in “good funds” of the Total Purchase Price.  The deposit will become your initial down payment and the balance of the Total Purchase Contract will be due at the time of closing, to be completed within 30 days of the auction.

On-Line Bidding - If you cannot be at the auction on October 27^th, you can submit bids during the auction or enter bids online via Proxibid, our online auction partner.  Click on the “Online Bidding Requirements” and follow the instructions. You may also contact the NORA office and we can guide you through the process or you may call Proxibid Customer Service at (877) 505-7770.  To bid online, you must complete all parts of the registration process by Wednesday, October 24^th at 3:00 PM CDT.  Additional requirements include receipt of a Minimum Deposit of $1,500 per property wire transfer to Jackson & McPherson, returning the signed Auction Terms & Conditions to the auction company, and agreeing to pay a $750 on-line buyer’s fee at closing.

Click Here to Bid Online