"We are grateful to be given the opportunity to assist the East Baton Rouge Parish community through the use of our technology. We are happy to provide a viable solution," said CivicSource CEO Bryan Barrios.
East Baton Rouge Parish, LA (PRWEB) January 26, 2016
Cities often take multi-faceted approaches to fighting blight and turning around abandoned or tax delinquent properties. East Baton Rouge Parish will soon begin using the proven technologies of CivicSource to auction tax adjudicated properties. Adjudicated properties are properties that have failed to sell at a previous tax sale. The Parish will start by focusing on properties that have been delinquent for greater than five years. The average starting bid on these properties is $3,400, which includes all closing costs, as well as the cost of title insurance.
The sales will place these properties back on the tax rolls, return them to commerce and generate significant, recurring annual tax revenues to the parish. Placing properties online has proven a successful method in parishes such as Orleans — and since buyers pay the total cost, partnership with CivicSource costs the parish and taxpayers nothing.
“CivicSource has proven itself to be the only technological solution for returning these properties back to commerce with title insurance, and we are looking forward to have these technologies work for the citizens of East Baton Rouge parish. Tax-delinquent properties are a burden to our on-time taxpayers as well as a financial liability to the parish in upkeep expense,” said Special Assistant Parish Attorney, Office of the Parish AttorneyWilliam R. Aaron, II.
CivicSource will place East Baton Rouge Parish adjudicated properties online at CivicSource.com on Monday, February 1st. Once properties are posted, auctions are investor-driven, meaning properties are only taken to auction once an investor places a deposit on a property of interest. Once a deposit is placed, all presale legal compliance work is completed in about 120 days, and the investor is then notified of the auction date. If the depositor is not the winning bidder at the auction, they are refunded the full deposit amount. Auctions take place on the first Wednesday of every month at CivicSource.com. All adjudicated properties sold by CivicSource include title insurance, ensuring investors are purchasing saleable properties.
“We are sincerely grateful to be given the opportunity to assist the East Baton Rouge Parish community through the use of our technology. Adjudicated property is one of the main causes of blighted and abandoned properties, leading to crime and decreased revenues for jurisdictions everywhere, and we are just happy to be able to provide a viable solution to those seeking to redress this problem, once and for all,” said CivicSource CEO Bryan Barrios.
CivicSource has already proven successful in other communities across the state. Since launching in July, the auctions have collected over $16 million through the sale of over 600 properties. Millions more have been recovered directly from owners of adjudicated properties who redeemed their properties that were slated for sale.
Created in 2008 by Archon Information Systems, CivicSource is the leading online marketplace for auctioning and purchasing tax distressed properties. All online auctions are facilitated through http://www.civicsource.com.
CivicSource is the leading auctioneer of tax-distressed real estate. From tax sales to adjudication auctions, CivicSource digitizes due process compliance to ensure legally valid sales. Founded in 2008, New Orleans based CivicSource has been recognized by Inc. Magazine’s 500|5000 as one of “America’s Fastest Growing Companies” and has been recognized as the one of the Best Places to work in New Orleans for the past five years, receiving the designation “Best Place to Work” in 2014. http://www.CivicSource.com