Information about the homes that are for sale can be found by clicking on the Rehabbed & Ready button on the buildingdetroit.org site, or by calling (866) 918-7874. The homes are also listed on the Multiple Listing Service (MLS), Realtor.com, Zillow, Trulia, and other home search websites. To receive additional information on a specific home, complete the “Request More Details” request on the individual property page for that home or call (866) 918-7874.
Absolutely. Open Houses are held twice a week for every Rehabbed & Ready home that is currently for sale. Open Houses are held Sundays (noon - 4pm) and Wednesdays (4pm-8pm). All Open Houses are open to the public.
Rehabbed and Ready homes are move-in ready and do not require any rehab work. These homes have been updated with brand-new features, including new electrical, plumbing, high efficiency furnaces and water heaters. In contrast, the Land Bank auction houses are generally properties where no rehab work has been performed, and the buyer is always required as part of the purchase to bring the house up to Code within a set time period.
In addition, the whole purchase process is very different between the two programs. Rehabbed & Ready properties are sold through a traditional real estate process, with a set listing price and a purchase agreement submitted through a real estate agent. Land Bank auction houses are sold in an on-line auction, so the final sale price is what the winning bidder is willing to pay and no real estate agents are involved.
No, the Rehabbed & Ready program is only available to an owner who will occupy the home that he or she buys.
Each buyer can purchase only one Rehabbed & Ready property.
None of the Land Bank discounts can be used in the Rehabbed & Ready Program. This includes discounts provided to city employees, those recommended by nonprofit partners, those having completed housing counseling, and any other discount programs that may be added in the future.
You make an offer on a Rehabbed & Ready home just as you would to buy any other home – with the help of a real estate agent. You can choose any licensed agent, or if you don’t have one already, you can call (877) 912-6278, or email email@example.com, and they can refer you to a real estate agent who will assist you in making your offer. The Land Bank will pay your agent the standard agent fee of 3% of the purchase price.
Your real estate agent will generally be notified of the Land Bank's response within 3 business days of the day your completed offer was received - if it was accepted, rejected, or if the Land Bank wants to make a counter-offer to the price or other terms that you proposed.
Inspections may be performed after the Land Bank has accepted your offer and both parties have signed the purchase agreement. Your real estate agent and a Land Bank representative will coordinate to set a date and time to gain entry to the home to perform the inspection.
If you are seeking lender financing for the purchase of the property, you must close on the purchase no later than 60 days after the purchase agreement has been fully executed. The Land Bank will consider requests for closing deadline extensions on a case-by-case basis, with documentation from the lender that all required buyer documentation has been submitted for lender review, and that lender requests additional time for loan processing and a final loan decision.
If you are not seeking lender financing for the purchase of the property, you will need to close on the purchase no later than 14 days after the purchase agreement has been fully executed.
If you fail to close by the deadline, you may forfeit both your earnest money deposit AND your right to purchase the property. The Land Bank may immediately offer the property to other potential purchasers or place it back on the market.
Michigan does not allow electronic closings. Some of the documents the buyer executes require a notary which is not possible electronically. However, we will facilitate a “mail away” closing where the documents are mailed to the Buyers and their agent in advance and a closing agent will come to you.
The Land Bank does not charge any fee for purchasing or closing on a property sold under the Rehabbed & Ready Program. However, you will be responsible for paying certain third-party closing costs, which are estimated to be in the range of charges set forth below.
The Land Bank will provide you with a copy of a Title Search Report, which confirms the current status of the title, at the time of closing. The Land Bank will issue a Quit Claim Deed as evidence of transfer of ownership at closing.. The Land Bank sells all properties "AS IS, WHERE IS, WITH ALL FAULTS." The Land Bank makes no warranty or representation, express or implied, or arising by operation of law, including but not limited to, any warranty of condition, habitability, merchantability or fitness for a particular purpose, with respect to the physical condition or status of the title to this property.
No, the Land Bank will pay all outstanding water bills, liens, or delinquent property taxes at closing. Purchaser will be responsible for paying all current year property taxes prorated to the date of closing, as well as property taxes in future years.
Property taxes are determined by the City of Detroit Assessor based upon the Taxable Value at the time of sale, which will be equal to the State Equalized Value (SEV) of the property (or half the Fair Market Value of the property). More information can be found at the following links, or by calling the City of Detroit Assessor at (313) 224-3011.
Neighborhood Enterprise Zone Frequently Asked Questions:
Other information can be obtained at the following web link:
Homes can be purchased with cash or through home financing with a lender of your choice. Quicken Loans is offering preapprovals for mortgage financing through its team of Rehabbed & Ready loan experts, who can be reached at (866) 918-7874. Additional lender financing options and information can be found at http://buildingdetroit.org/Financing
The Home Depot warrants the installation services identified in the scope of work, for a period of one year, from the date that the installation services were completed. The Home Depot’s warranty does not cover damage caused by abuse, neglect, or improper care/cleaning. Products and materials provided by The Home Depot, as identified in the scope of work, are warranted exclusively by the product manufacturer’s warranty, if any/or as applicable. Purchasers may contact DLBA@HomeDepot.com for any warranty questions.