Properties

Residential Properties

Whether you’re a family looking for your first home or an investor seeking new community-based development opportunities, we’ve got you covered! Working with our member municipalities, Tri-COG Land Bank strategically recovers abandoned properties to create meaningful, positive change in neighborhoods and communities. TCLB’s inventory includes a range of houses and vacant lots with varying renovation needs, all with a clean, insurable title.

Application Process

This process applies to properties with structures and vacant lots. The application process for side lots can be found here.

Complete applications due November 25, 2020 to be considered at the December 10, 2020 Board Meeting
Applications not received by the above date may be considered at the following Board meeting if the property is still available. Applications MUST be complete by the due date, this includes submitting the Work Plan and proof of secured funding in an amount sufficient to cover all acquisition costs and all renovation costs. We strongly encourage submitting applications prior to the due date for TCLB Staff to review application for completeness and request any additional materials needed.

 

Download Vacant Lot Application
Download House Application
Step 1: Review Transferee Eligibility Criteria

Review Transferee Eligibility Criteria to purchase a property from the TCLB. (General TCLB eligibility criteria is included at the bottom of this document).

Step 2: Review Available Properties

You can search our property database here. When properties are made available for sale, generally, TCLB will set a 30 day time period before applications are reviewed for the first time.

Step 3: Schedule a Visit

Once you have identified a property you are interested in, please schedule an appointment to come see it in person.

Prior to your visit, please submit a completed Property Access Agreement and review the Tri-COG Land Bank Property Visit COVID- 19 Protocol.

Please note: Land Bank properties are sold in “AS-IS” condition and no warranties are made regarding property condition. The applicant assumes all responsibility to investigate the property and consider the improvements and cost of improvements in their application. After an application is submitted and approved, there will be no negotiations on offer amount nor contingencies related to property condition. TCLB encourages interested purchasers to engage a contractor or inspector to evaluate the property prior to submitting an application.

Step 4: Complete an Application

Complete an application for the property you are interested in purchasing. As part of the application, applicants are required to submit a description of how they plan to develop and maintain their property of interest and to submit proof of necessary finances. Applicants are required to demonstrate that they have secured funding in an amount sufficient to cover all acquisition costs and all renovation costs.  Applicants will be subject to an application fee and may be subject to a credit check.

In most instances, buyers are limited to purchasing one property at a time. Exceptions to this policy may be made at the discretion of the Board of Directors. 

Some properties will be only available to owner occupants for the first 60 days. If an eligible application is not received within those 60 days, the property will be available for other uses and applicants to apply.

Step 5: Board of Directors Vote on Application

Complete and eligible applications are presented to the TCLB Board of Directors. The approval of an application and transfer of a property is at the sole discretion of the TCLB Board. Although offer amount is an important aspect of the application, the property use, rehabilitation plan (if applicable), and strength of the application submitted are also important. The highest offer amount does NOT guarantee the transfer of a property and submitting an application does not guarantee approval to purchase a property.

Step 6: Sign an Agreement of Sale

After TCLB has selected an applicant and determined that the transfer plans are eligible and consistent with Land Bank priorities, then the TCLB will prepare an Agreement of Sale for the prospective buyer to review and sign. This Agreement of Sale will include all conditions of purchase, including required property repairs and the timeline for when improvements must be completed. After the execution of Agreement of Sale the TCLB will transfer the property to the new owner.

Step 7: Repairs & Final Inspection

If included in the Agreement of Sale, complete all property repairs and improvements and then schedule a final inspection with TCLB.

TCLB General Purchase Eligibility Criteria

  • Has not owned (within past 7 years) a property subject to tax foreclosure.
  • Does not own any properties that are delinquent on municipal taxes, school taxes, county taxes, water, sewage, or refuse bills or other municipal claims.
  • Does not have un-remedied code violations or unfulfilled state and local fines on properties owned.
  • Does not own property which has a history of criminal activity or subject to disruptive properties ordinance prosecutions during the applicant’s ownership.
  • Has not violated previous agreements with the TCLB or relinquished ownership of properties previously acquired from the TCLB back to the TCLB.
  • Was not the owner of the property at the time of the tax foreclosure action which transferred title to the TCLB.

Eligibility requirements may not be circumvented by having another person or entity apply for the property on behalf of an ineligible party.

NOTE: Offers to purchase a Land Bank owned property will not be reviewed until the Land Bank receives a complete Application, including any documents required to be submitted with the Application and payment of the Application Fee.  Completed offers will be reviewed in the order that they are received by the Land Bank.  Although offer amount is an important aspect of the application, and you should therefore make your highest and best offer to the Land Bank, the property use, redevelopment/rehabilitation plan (if applicable), and other aspects of the Application will also be considered by the Land Bank.  Additional information may be requested by the Land Bank. The highest offer amount does NOT guarantee the transfer of a property and submitting an Application does not guarantee approval to purchase a property.  The approval of an Application and transfer of the property shall be at the sole discretion of the Land Bank.  Please contact us for any additional questions or concerns about acquiring Land Bank properties.