Owner Occupant Buyer Advantage Program
The Owner Occupant Buyer Advantage Program
is an initiative developed by the Cuyahoga Land Bank to help owner occupant buyers
successfully purchase homes to live in. Simply put, owner occupants will have a 30 day exclusive opportunity
to purchase properties from the Cuyahoga Land Bank that need moderate work; to this
end, a successful buyer is required only to abide by the Cuyahoga Land Bank basic
Terms and Conditions and agree to reside at the property for at least three years.
Owner Occupant Buyer Advantage Program Steps:
- Review renovation specifications (Rehab Spec) and any applicable Municipal Point-of-Sale (POS) reports.
(Rehab Specs, POS inspection reports and other property details can be viewed and downloaded by clicking on the property picture.)
- Submit the Property Purchaser Application to the Cuyahoga Land Bank indicating your interest in visiting the property. Be sure to indicate your
interest in the Owner Occupant Buyer Advantage Program.
- A Cuyahoga Land Bank representative will contact you to make arrangements to view the property. Be sure to indicate Owner Occupant Buyer Advantage Program.
- After visiting the property, determine if you want to bid on the property (note: the stronger the offer, the more likely you are to be the successful bidder).
- Submit the Complete Bid Package listed below - to the Cuyahoga Land Bank offices by 4:30pm or by
mail on or before the bid end date. Bids received or post marked past the bid end date may NOT be accepted.
- After the bid period ends, the Cuyahoga Land Bank staff screen to ensure that the buyer does:
-Not own any real property that is in material violation of state and/or local codes or has a history of code violations
-Not own any real property that has a history of being a site for criminal activity during the purchaser's ownership
-Not own any real property that is tax delinquent
-Not have lost any title or had any foreclosure filings against any properties within the past three years
-Use property consistent with current zoning requirements of the respective municipality
-Comply with all fair housing and market regulations
- If the buyer, with the strongest bid, sucessfully passes the screening, the Cuyahoga Land Bank will notify the buyer
of the successful bid and then forward a conditional purchase agreement in accord with the terms as proposed by the
buyer in the Buyer Bid Form and the Cuyahoga Land Bank's
Deed-In-Escrow Program. At this point, the buyer will get an
opportunity to view the property again to make sure that the renovation specifications and corresponding costs are 100% accurate.
- If the buyer fails to pass the
screening, referenced above, and does not abide by the Property Transfer Policy, then the Cuyahoga Land Bank will consider the next highest bid.
- Next, the buyer deposits the bid amount into an escrow account.
- At that point, the Cuyahoga Land Bank issues a Notice to Proceed, and renovation work can start.
- Once the buyer has completed the property renovation, and closed
all permits, if any are applicable, the Cuyahoga Land Bank will inspect the work. Once the property is renovated to the agreed specification, the title company will transfer the deed to the buyer.
WORK CANNOT BEGIN UNTIL THE NOTICE TO PROCEED IS RECEIVED AND SIGNED BY BOTH PARTIES.
BUYERS CANNOT LIVE IN THE HOUSE UNTIL ALL WORK IS COMPLETE AND TITLE IS TRANSFERED.
Complete Bid Package:
- Bid Form
- Signed specification sheet
- Proof of funds (e.g. bank statements, line of credit, etc.)
- Acknowledgement of CCLRC rules, regulations and/or procedures, if applicable
Click here to learn more about the Owner Occupant Buyer Advantage Program.
The Cuyahoga Land Bank reserves the right to change, modify or amend these procedures at any time.
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