Genessee county, Michigan Landbank Rules/Regulations
I searched Genessee County land bank website and watched a few videos they posted on YouTube that describes the program. Here is what I found: These are all Tax foreclosure properties The land bank owns 23% of parcels in Flint, Michigan 71% of inventory is vacant land residential 25% of inventory is residential w homes 3% of inventory is commercial vacant They will create a “suggested price” based on the market value of the property and how much arrears have been paid but this is NOT the minimum bid. Can offer less than the suggested price and still be accepted. Description of Intended Use (preferred): -Primary residence -Familial gift -Investor (fix up and rent it out) Only 20% of properties are awarded to “investors” and progress is monitored according with the “plan for use” described in the application. If you’re buying a house or your intended use is to build on the lot, they will require explicit timeline, contractor, financing etc. These responses will be used to determine whether your offer will be accepted by the committee. For Vacant land can also say you want to build “in the future”. However, a neighbor or any lot owner on that block will be given preference over everyone else. Use the “Lots Available” application and email to sales@thelandbank.org. You must apply for one parcel per application. Application must be COMPLETE with all documentation included front and back. For residential properties with homes on the lot, attending an “open house” is required for any application to be accepted. Advertising for the open house will begin two weeks in advance. Offers can be submitted at the open house. Applications are reviewed within one week. Then an offer will be extended to the best offer (not the same as the highest offer). Then the land bank close on the property within one week. Offer form submission Ways to submit: Online at (Www.theLandbank.org) Email. Offers@thelandbank.org