Looking for an affordable fixer-upper?
Did you know that the Land Bank regularly makes vacant properties with renovation potential available to the public through its Do-It-Yourself (DIY) Renovation program? In the DIY Renovation program, you can buy a home at a greatly reduced price with an agreement to make certain renovations to the property within a 6 month time period. Once the Land Bank confirms the renovations have been completed, you are able to occupy the house or use it as an investment property.
Am I eligible?
In order to buy a property through the DIY Renovation program, you must meet the following qualifications:
- You must demonstrate the financial capacity to pay the purchase price, perform the work required by the Land Bank, have utilities transferred into your name and obtain appropriate insurance.
- You need to reside in Montgomery, a contiguous county, or designate a local agent authorized to accept notice on behalf of the purchaser.
- The real estate taxes for any property you own must have been kept current during the past two years.
- You cannot have lost title or had foreclosure actions filed against any property you own, or have been part of a bankruptcy case within the past two years.
- Any property you own cannot have code violations within the past two years, nor can there be a history of code violations on any properties you have previously owned.
- None of your properties can have a history of being a site for criminal activity.
- You cannot have previously purchased a Land Bank property and then failed to meet the conditions of the Sale and Purchase Agreement, DIY Renovation Notices, Quality Standards, or any other Land Bank program.
What renovations do I need to complete?
The required renovations are based on the individual properties, as the Land Bank inspects each property before it is made available to the public. The Pre-Sale Inspection report lists the renovations that must be completed for the deed to be transferred and is available on each property’s listing page. The Land Bank does not require specific materials to be used, only that the deficiencies noted are remedied. The goal is that renovations result in a warm, dry, safe, and clean home that meets code. A Reference Guide for Quality Standards is available.
How do I get started?
Properties are available for a specified period of time. To view an offered property, fill out a liability waiver form and submit it with a copy of your valid photo ID. This can be emailed to firstname.lastname@example.org, faxed to 937-531-6922 or completed in-person in our office.
To make an offer on a property, complete pages 2-5 of the DIY Application Package and submit it to email@example.com by the offer deadline. All applications will be reviewed after the deadline. The accepted offer will be notified once the buyer’s qualifications have been verified. This typically occurs within 10 days of the offer deadline.
Once the buyer’s qualifications have been verified, the property will close in escrow. The buyer will have possession of the property to complete the necessary renovations. After 6 months, the Land Bank will confirm that all renovations have been completed. Once the required renovations are completed, the deed will transfer over to the buyer.
For more information, see our Frequently Asked Questions here.