May 2nd, 2016
St. Tammany Parish Government Press Release
Monday, May 2, 2016
St. Tammany Parish, LA– St. Tammany Parish Government has initiated the process of an online-adjudicated property auction through CivicSource, a leading auctioneer of tax-distressed real estate. The goal of this on-going property auction is to achieve multiple objectives including, the placement of adjudicated properties back into commerce, the reduction of blight, to offer the opportunity of property ownership in St. Tammany to every resident, and to give the original property owner a chance to settle their outstanding tax bills and redeem their properties. 1300 properties are currently being evaluated for future auctions, or redemption.
“By placing these properties back into commerce, there will be an estimated economic impact of $275,000 per year, based on their assessment in the current state — with improvements, this amount will eventually increase,” said Pat Brister, St. Tammany Parish President. “In addition, property owners who live next door to properties already in the auction inventory, and who meet certain legal requirements, could potentially purchase that property for $1 plus closing costs. This is a great opportunity to increase their own property values, strengthen their neighborhoods, and play an essential role in blight reduction. We encourage any person interested in property ownership in St. Tammany to browse the property inventory and take advantage of this opportunity.”
“Through this online auction process, the legal legwork to vet each property is part of the purchase price of each parcel. Parish Government will have no out-of-pocket expenses, only net return,” said Kelly Rabalais, Director, St. Tammany Parish Legal Department. “In addition, the fact that anyone, from the convenience of their own home, can participate in the auction increases the exposure to the sale and increases the opportunity for investment in St. Tammany Parish.”
Interested buyers can visit www.civicsource.com to view a map, a list, or a street view of the initial auction inventory of 129 adjudicated properties and register to participate in the auction. Registered users then nominate properties that will initiate the process through a $750 deposit and place the nominated property into an active auction. With CivicSource as the auction facilitator, the final sale price of each property includes a clear title, title insurance, and closing fees. The initial $750 deposit will go toward the sale price of the winning bid. Complete details about the online auction process are available at www.civicsource.com/help, or interested buyers can call (888) 387-8033, Monday-Friday from 8a.m.-5p.m. to speak with a help representative from CivicSource and have their questions answered.
The first adjudicated property sale by St. Tammany Parish Government occurred in 2013 and resulted in the sale of 81 properties for $394,400, as well as the redemption of eight properties by the original owners who also settled their outstanding tax bills with the Parish.