Market Overview

AmeriBid LLC Announces a Second Absolute Auction of 130 +/- Homes and Lots Throughout New Orleans on Behalf of New Orleans Redevelopment Authority (NORA)

NEW ORLEANS, Feb. 21, 2013 (GLOBE NEWSWIRE) -- As a follow up to the successful auction of 125 +/- properties that took place in October, 2012, 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 absolute to the highest bidder regardless of price with NO MINIMUM and NO RESERVE, at a one day auction event to be held on Saturday, March 23rd, 2013. The Auctioneer is Tulsa-based AmeriBid LLC, with broker Paul A. Lynn, CCIM, Louisiana Licensed Real Estate Broker. The auction will be held at the Ernest N. Morial Convention Center, Entry I, Room 293 starting at 11:00 AM. Registration will begin at 9:00 AM.

"Since our last auction, we have received hundreds of inquiries. We are excited to make available the next pool of properties that continue to receive the most interest," said Jeff Hebert, NORA's Executive Director. "During the October auction event, 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 rehab or begin construction on the property within 365 days 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.

Closing is required within 30 days after the auction and financing will not be a contingency, so each buyer will need to know they can close on their purchase within the required timeframe and receive pre-approval for their own personal financing.

There are 20+/- improved properties that will be open before the auction for inspection on Saturday, March 9th; please visit the web site for specific times. 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. Additionally, there will be a Buyer Auction Seminar that will be held on Tuesday, March 5th, 2013 at the Dryades YMCA at 7:00 PM.

For additional information about this NORA auction, and to pre-register, please call the sales office at 866-575-6131 x907 or visit www.ameribid.com/nora.

Headquartered in Tulsa, Okla., AmeriBid is the premier global real estate auction leader specializing in the sale of commercial and residential real estate, land properties and other assets for lenders, servicers, receivers, bankruptcy attorneys, estates, private owners, investment companies and local, state and federal government agencies.

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CONTACT: Media Contact: John Pellow 877-895-7077

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