Sheriff's sale is Tuesday at noon
Officials will auction off 25 blighted properties at a sheriff's sale Tuesday at noon, the first of two such auctions scheduled for this month, Mayor Mitch Landrieu's administration announced Monday.
The auction will be held in the lobby of Civil District Court, 421 Loyola Ave. The second auction, set for Nov. 15, will also feature 25 properties.
The properties are being sold via a process called code lien foreclosure that administration officials have deemed "the most cost-effective way to seize and then return blighted properties back into commerce."
In such sales, the city acts much like a bank that begins foreclosure proceedings. But rather than satisfying an unpaid mortgage, the city is attempting to collect on unpaid liens and fines.
The minimum bid in the city's sheriff's sales is two-thirds of a property's appraised value, which is used to satisfy all outstanding liens and fines. Bidders must immediately provide the Sheriff's Office with 10 percent of the purchase price in cash, money order, or cashier's or certified check.
A list of properties for sale is available at www.civilsheriff.com.