Take a look at our 2020-2021 Property Renovation Annual Report
Frequently Asked Questions
Our properties are marketed to the public on our website and through local brokers. You can find our listings in the Multiple Listing Service (MLS) or on websites like Zillow, Trulia, Realtor.com, or LoopNet. If it’s not yet being marketed, we are probably cleaning it up and getting it ready.
Most of the properties we sell have been abandoned and need extensive renovation work. This isn’t for everyone, but if you have the desire, we welcome your offer. Sometimes, we renovate a property ourselves and sell it move-in ready.
We only accept offers through our brokers. Reach out to our broker listing the property to see it or use your own realtor to schedule a visit. Our broker will provide you our contract that you will use to make a written offer.
We use a standard purchase contract for residential properties and commercial properties. You can see exactly what we will expect at those links and the broker that is listing the property can provide you with any other details at your request. We will not accept an offer if our standard purchase contract has not been used.
No. In fact, more than half of all properties we have sold have been for home ownership. Sometimes, we will only accept home ownership offers and that will be stated. Otherwise, we welcome an offer from any good buyer that can make the property productive again.
The red (H) tells you that the property is a designated Homeownership Advantage. This means that we’re only accepting owner-occupied offers right now – including resale for owner-occupancy offers. If the property is removed from Homeownership Advantage, the red (H) will disappear and we will gladly accept any qualified offer at that time.
Yes. Buying and renovating a commercial property from us is different than a residential property. There is no “one size fits all” approach because every commercial property is unique. You can learn more about our detailed process by visiting our Commercial sales page.
Every property is different, but you might. We know that most of our properties need a lot of work, and our purchase price is often very low because of this. Your detailed renovation plan is key to reaching a final deal with us that works for everyone.
If a property shows a Pending box where the price would usually be, it means we have accepted an offer and we are working with the buyer to close on the sale. We don’t accept other offers while a property is Pending. If a property sale doesn’t close, the property may be re-listed and the Pending box will be removed. Buyers will have a fresh chance to make an offer then if that occurs.
No, we can’t. Although we know the basics needed to make the property livable again, we expect a buyer to submit their own renovation plan. These can be difficult renovation projects and if a buyer does not go in with a clear plan of their own, they are bound to fall short. Make your best effort to build a good renovation plan, and if we have questions, we will reach out.
As detailed as you can make it. A buyer needs to show us what they are going to do, how much it is going to cost, and what contractors they will use. If you are going to do some of the work yourself, give us information that proves you have the background to do it and what the materials will cost. Take your time during your property visit, and we know your renovation plan will show it!
Every property is different, but we expect you to be able to pay for your whole project. This means that you can pay for the purchase price and the cost of the renovations. If you are going to do some of the work yourself, you still need to account for the cost of materials. We will consider all liquid funding sources, including bank accounts, loans, and support from family.
If we accept your offer, you become the owner of the property at the day of closing. We expect you to complete your renovation plan as the owner and we do not get involved in your day-to-day renovation work. You are responsible to complete the plan you provided.
We cannot allow anyone to move into the property until it passes our inspection and is safe and livable again. You must have other housing where you can stay until your renovation project passes our inspection, however long that takes. Of course, if you buy a move-in-ready property from us, you can move-in right away.
Although you are the owner, you will agree up front to let us inspect the property when your renovation work is done. We will make sure that the property is safe to live in with a 12 step checklist covering the basics.
When you pass the inspection and meet any other terms of our contract, you have no more obligations to us. If you don’t pass the inspection the first time, don’t worry. We will show you the areas that still need work and give you more time to pass. Most buyers pass our inspection on the first or second visit.
It depends. To make sure you do what you say, we keep a legal interest in your property until you pass our renovation inspection. We know that surprises come up when you are renovating a property. As long as you are making clear progress, we will be willing to extend the deadline. But we are all better off when you finish the project, so only in rare circumstances will these extensions continue past one year.
If you agreed to re-sell the property to a homeowner after your renovation work is complete, you must make a good faith effort to do so by listing the property on the open market for a competitive price. If you do that for an extended period and do not receive any good offers, we will be willing to discuss your options then. But you must try, because we chose your offer based on this goal.
We do accept offers from out-of-area investors under limited circumstances. If an investor buyer resides more than 50 miles from downtown Toledo, we will require the buyer to have owned other homes in Lucas County for at least one year, to own those homes in an occupied and nuisance-free condition, and to identify up-front licensed local contractors and a local property manager with a track record managing residential homes. If this policy applies to you, you are encouraged to submit this information with your offer.
Yes! If you’ve successfully completed your first purchase and renovation with us, you know our process in and out. We welcome another offer from you and we guarantee it will be even easier the second time around.
Sure! We love to show off the great renovation work that happens with partners. Take a look at our most recent annual Property Renovation Report!