March is around the corner and with the coming of Spring, we at NORIEA have sprung into action with yet another informative speaker for you.
Our speaker is Stephen Morel, an attorney with NOLA Title who will be talking and educating us on what is adjudicated properties along with what the legal process is on how property becomes adjudicated. Once a property is adjudicated, it can then be sold at a public auction. He will let us know how we can invest in adjudicated properties which he states can be very lucrative. He will let us know how we can get involved with adjudicated properties in Orleans Parish. He will be joined with Norman Foster from the department of Finance for the City of New Orleans and Civic Source, the online auction company that will be handling the auction in July. Wow, if that is not enough they will be providing information on tax sales, adjudicated properties, online auctions of adjudicated properties, how the bidding works, how to view the properties, title insurance and when the bidding begins.
Here is an excerpt from the New Orleans Mayor’s office press release:
“In March 2015, the City of New Orleans will begin taking the necessary steps to sell about 3,000 adjudicated properties across the city through a new online auction process. The sale will provide winning bidders with full ownership of each property and with guaranteed title insurance. This is the City’s first adjudicated property sale in many years, and it is the City’s first time using an online auction to sell adjudicated properties. The first online auctions are expected to take place this summer.”
The process described Monday by Chief Administrative Officer Andy Kopplin and Director of Finance Norman Foster will be unlike any previous tax sale in New Orleans, with the most notable difference being that winning bidders will be purchasing full legal ownership of properties, not just the liens against such sites.
Remember to put this on your calendar as “do not miss this meeting!
Our general meeting is on March 19th.
Networking and check-in starts at 6:15 p.m. Meeting starts at 6:45 p.m.
Join us at: (Right in front of the Galleria. Parking is available in the attached garage connected to the Sheraton-free)
Sheraton MetairieFour Galleria Boulevard Metairie, Louisiana 70001