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HILCO REAL ESTATE, LLC Announces No Minimum, No Reserve Auction of 130 ± Homes and Lots Throughout New Orleans on Behalf of New Orleans Redevelopment Authority (NORA)

Feb 23, 2015, 10:58 AM by Ben Kaplan
Hilco Real Estate to conduct follow up auction of over 100 properties on behalf of the New Orleans Redevelopment Authority.

As a follow up to previous successful real estate auctions, New Orleans Redevelopment Authority (NORA) has directed the next auction sale of an additional 130± homes and development lots located throughout New Orleans. Properties will sell to the highest bidder regardless of price withNO MINIMUM and NO RESERVE, at a one day auction event to be held on Saturday, March 28, 2015.  The Auctioneer is Northbrook, IL based Hilco Real Estate, LLC, in conjunction with broker Paul A. Lynn, CCIM, Louisiana Licensed Real Estate Broker and Steven Mathis, Louisiana Licensed Auctioneer. The auction will be held at The New Orleans Ernest N. Morial Convention Center, Hall H Room 293. Parking is available across the street. The auction will commence at 11:00 AM. Registration will begin at 8:30 AM.

"Since our last auctions, we are continuing to receive hundreds of inquiries. We are excited to make available this next pool of properties," said Jeff Hebert, 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 Paul A. Lynn, CCIM, Louisiana Real Estate Broker.

The properties are being sold on an "AS-IS, WHERE-IS" basis. Winning bidders will agree to complete rehab or construction on the property within 365 days from the date of closing and keep it code compliant. Bidders may use the property for green space if their property is directly adjacent to the property acquired at the auction. There are 25± improved properties (structures) that will be open before the auction for inspection on Saturday, March 14th.  When inspecting the properties, prospects should bring a flashlight and dress appropriately, anticipating a property that will not have any power and could be in poor physical condition. Please visit www.hilcorealestate.com/NORA  for specific times.  

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 receive pre-approval for their own personal financing.  Buyers must obtain and maintain Flood Insurance for any structures, as a condition of closing.  Additionally, there will be a Buyers’ Auction Seminar on Wednesday, March 11, 2015 7:00 PM at the Dryades YMCA 2220 Oretha Castle Haley Blvd. Registration begins at 6:30 PM.

For more information about this NORA auction and to pre-register, please call 504-233-0063 or visit www.hilcorealestate.com/NORA.

About Hilco Real Estate:
Hilco Real Estate is headquartered in Northbrook, IL, and is a member of the Hilco Global family of companies. Hilco Global is a privately-held, diversified financial services company that is a premier global real estate services organization providing Advisory, Monetization and Valuation services for corporations, lenders, servicers, receivers, bankruptcy attorneys, estates, private owners, investment companies as well as local, state and federal government agencies.

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