Renovate a home
From years of neglect and vacancy, many properties the Land Bank becomes the owner of are a sore sight. Many thanks to those willing to take on a fixer-upper. Our team will help you through.
How it works, step-by-step
Purchasing and renovating a Land Bank property is a unique way to make a difference in our neighborhoods. If you are interested, we will walk you through the process, keeping it simple and as easy as can be.
Our commercial property process is different, so look here if you want to learn more about buying and renovating a business property.
Step 1: Pick your property
Explore the inventory on our Properties page. Land Bank properties are also listed on the real estate multiple listing service (MLS). First, you'll contact the listing broker or your own agent to see the property. On the walk through, you'll need to determine what type of renovation work is necessary. You may need to bring a contractor along.
Step 2: Submit your offer
When ready, our broker will give you our Contract to Purchase and Renovate A Home. The offer needs to include the following details:
- Your proposed purchase price
- Your expected renovation time frame
- Specific and clear intention for occupancy: Owner-occupancy? Re-sale? Family? Rental?
- Renovation plan worksheet with cost estimates. This should also include a short description of proposed renovations per line item. Attach extra pages as needed.
- Proof of funding. Show you have funds to cover the purchase price and cost of renovation. This must include contingency for unexpected repairs.
We understand that some buyers will be able to do some or all of the renovation work themselves. Please make sure you explain that clearly and provide us with licenses, certifications, or examples of prior work to show your ability.
We expect that many buyers will present us with a cash plan to fund the purchase and renovation. However, the Land Bank will accept renovation loan products. Local lenders, including Premier Bank, Genoa Bank, and Huntington Bank, have products that may meet the needs of a buyer to fund a Land Bank renovation project.
Step 3: Wait for our review process
Our team works hard to review offers on a weekly basis. The Land Bank may counter your purchase price or terms of the deal based on our review. We may also request more information before making a decision on the offer.
An additional financial review is necessary if you intend to:
- Occupy the property as an owner-occupant
- Rent the property but don't have an existing rental portfolio
The financial review will be at our cost with a local Financial Opportunity Center and usually takes about an hour.
Step 4: Close on the purchase
If the Land Bank accepts your offer, we'll set up a closing with a local title company. At closing, you will become the new owner, but the Land Bank will keep a secured interest on the property. This secured interest will remain on title until all renovation work is complete and passes our inspection.
Step 5: Renovate the property
Six months is the typical time frame the Land Bank allows for renovation work, but we will be flexible on the timing depending on the complexity of the renovation project. During this time, the property can't be resold or occupied. Once you complete renovation, the Land Bank will schedule a property inspection.
If you have agreed to re-sell the property to an owner-occupant or agreed to other terms besides renovation, we will retain our secured interest in the property until those conditions are satisfied too.