Buying a home through the Montgomery County Land Bank (MCLB) is pretty similar to buying any other home with a few added stipulations and requirements. Those stipulations can vary from house to house, and can change within a time frame, but they could include meeting certain income requirements, being an Owner Occupant rather than an investor, not being able to use certain loan programs, etc. But the general process is the same- get qualified for a loan or have cash on hand, find a home you like, make sure you qualify under the specific requirements for that particular home, write an offer. If the offer is accepted, you enter into a time frame of loan processing if applicable, and home inspections. Read about the 10 Steps to Buying a Home, here.
You do have the right to have inspections for MCLB homes, in fact, I strongly encourage you to have inspections on any home you buy, and many loans will require it. MCLB homes will typically be in fair to poor condition, have never been occupied by the seller and the seller makes no warranty about the condition of the home. It’s very important for you to do your own due diligence as a buyer to understand the condition of the home prior to closing.
It’s always a good idea to talk to a lender prior to looking for a home. Since Mont Co Land Bank homes are likely to be in distressed condition, they are probably going to need repair and possibly renovation, although the amount of work will vary from home to home. This makes MCLB homes great candidates for FHA 203k loans, which you can find out about here. A 203k loan will help you combine both a mortgage and the cost of remodeling a home, all with the low down payment of a standard FHA loan. Not all lenders can offer this loan so either speak with your own lender or call Jerry Stewart at Amerifirst 937-838-7414 for FHA 203k information and to see how to qualify for this loan program, and I can walk you through this process successfully. Equal Housing Opportunity.
– Theresa “Teri” Lussier, THE HOME GROUP REALTY, 937-478-7781.
The stated mission of the Montgomery County Land Bank:
The mission of the Montgomery County Land Reutilization Corporation is to facilitate the transition of blighted, foreclosed, and abandoned properties into viable, marketable properties by working collaboratively with public and private entities in a financially responsible, transparent manner with a long term goal of returning these properties to the tax roll.
Click here to find the official Montgomery County Land Bank site.