Acquire a Tax-Delinquent Property for Home Renovation or Side Lot
The Land Bank’s Foreclosure Acquisition Program is a great opportunity for citizens, investors and local governments to achieve their real estate goals through the acquisition of tax-delinquent properties that still have reuse potential.
Tax-Foreclosure Listings at Your Fingertips
Although many investors may be looking for REO properties or HUD homes for sale, you can easily find opportunities at GoGetProperties.com, the Land Bank’s property listing for the Foreclosure Acquisition Program. This search tool includes all Montgomery County jurisdictions, except for Dayton. Tax-delinquent properties in that community are available through the city of Dayton program called Lot Links. For more information on how to use GoGetProperties.com, click here: Go Get Properties Tutorial
If you’re a citizen or investor…
Here’s your chance to get a vacant lot or abandoned, tax-delinquent property with reuse potential for a modest investment. You make a legal agreement to improve the property and pay future taxes on it. You can reuse your acquisition for a yard or home expansion. Another option is a building renovation to sell or lease. Or you might demolish any structures and then sell, lease or build upon the lot.
Once you identify the tax-delinquent property you’re interested in, call the Land Bank at 937-531-6921 so we can research the property to make sure it is eligible for a tax foreclosure. If the tax-delinquent property is eligible, you must file an application and pay the program fee (see below). The Land Bank’s role is to initiate the foreclosure and monitor the process, which takes approximately twelve months. Once the foreclosure is finalized, you receive the deed and you can begin your improvements.
To be considered for the Foreclosure Acquisition Program, properties must comprise 1-4 units, be tax-delinquent for at least one year, and be “unoccupied,” as defined in the Ohio Revised Code 323.65.
To qualify, a citizen or investor must
- Live or own property in Ohio
- Demonstrate financial capacity to fulfill program commitments
- Agree to bring the property into compliance with all codes and Land Bank requirements.
- In addition, you must show a two-year history of
- No code violations on any properties owned
- Timely payment of real estate taxes and assessments on all properties owned
- No foreclosure actions on any properties owned
- No involvement in bankruptcies
Here’s the schedule of program fees, payable in full when you submit the application:
- Adjoining owner (you live next door) - $2,000 per property
- Owner/occupant (you plan to rehab for primary residence) - $3,000 per property
- Investor (you plan to rehab and rent or sell) - $4,000 per property
If you represent a local government…
You can access the Foreclosure Acquisition Program strategically to jump start redevelopment in target areas and possibly use it in conjunction with our Community Residential Rehab Loan Program. Or you might promote it to citizens to generate general interest in neighborhood revitalization.
Interested in seeing the available properties? View the tax foreclosure listings at GoGetProperties.com.
Found a property you like? Get started by downloading the Foreclosure Acquisition Program application forms.