December 15th, 2015
Biz.MAG – The first adjudicated properties for auction consideration in Bossier Parish were posted toCivicSource.com on Friday, Dec. 11.
Included in the 31 available properties are those that have failed to sell at previous tax sales and will return to commerce as a result, generating significant tax revenues to the parish. The average starting bid is $3,500, which includes all closing costs, as well as the cost of title insurance.
“The Bossier community and its residents are our greatest priority. As part of our continuous efforts to improve and restore our parish, we are thrilled to have a partner that can expedite and streamline the property auction program. CivicSource provides more than an online auction system; they offer a level of service and product that is changing the way we collect these late or unpaid taxes. The end result is a win-win: less blight and more tax revenue,” said Bossier Parish Administrator Bill Altimus.
Monthly auctions occur on CivicSource.com the first Wednesday of each month, from 8 a.m. to 8 p.m. In order for a property to be included in an auction, a $750 deposit must be placed approximately 120 days prior. Once a deposit places, all presale legal compliance begins, and when finalized, the investor is notified of the appropriate auction date. If the depositor is not the winning bidder at the auction, they are fully refunded the deposit amount.
“Adjudicated property is a leading cause of blight and abandoned property, leading to crime and decreased revenues for communities nationwide. We are grateful to provide a viable solution to those seeking to redress this problem and are excited for Bossier Parish to lead this effort for their residents,” said CivicSource CEO Bryan Barrios.
Since launching in July, the online auctions have collected over $16 million through the sale of over 600 properties across Louisiana. Millions more have been recovered directly from owners of adjudicated properties who redeemed their properties that were slated for sale.