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Sold – Circa 1913 Fixer Upper in Waren, OH $12K
March 5, 2022
OHU50K NOTES
Here is a handsome circa 1913 fixer upper home on a corner lot. Some natural woodwork, and I’d lay bets that hardwood floors are under those carpets. The price is super cheap, but of course, there are certain caveats that go along with that deal.
Available through the Trumbull County Land Bank’s Deed-in-Escrow Program. Through this program the Land Bank and the buyer will enter into a purchase agreement where the seller holds title to the property while the buyer renovates. The buyer will obtain a clear title after satisfactory completion of the renovation. Before beginning the application process, please notify the seller of interest in property to ensure availability and to obtain a full purchase application.
Requirements
The purchase application requires the following information: a completed Improved Property Purchaser Application ; a complete work plan with applicant’s estimated or quoted itemized costs for the work; signed terms and conditions; proof of funding showing the full cost of purchase price and the cost of renovation; and a timeline for project completion. This property is restricted to owner-occupants who will commit to living in the house for a minimum of three years. Note: The property is being sold “AS IS” and “WHERE IS” without reliance on any warranties or representations of the seller. No utilities are in service and mechanicals have not been tested. The Land Bank’s visual assessment reflects only cosmetic condition of the house and its components and should not be interpreted as a complete home inspection. Sales agent is employed by seller. – Per Zillow
Sounds sketch AF. You still don’t own it until you do all the reno? Then what? The seller finds some way to back out after you put all that money into it? Pass.
I believe the land bank program is distressed housing that is owned by a government agency. It’s an effort to help bring back neighborhoods. There was one in Youngstown with the same restrictions.
There is one currently in NY that specifically states owner financing possible. You would have to contact the realtor of a home you have interest in to ask about a land contracts. Realtor links are provided in the posts.
How do you live in it while working. Might not have plumbing and the floors are filthy. Shouldn’t have to live in it for the first few months at least.
As far as I know, these types of title holds are done where the title company holds the title, so the seller is protected, and the buyer has to do the renovations in a certain time frame then the title or deed is handed over.
It is really simple….This house is owned by the County Land Bank. The land bank has an assessment on paper that states what needs to be done to the house. When you buy it, you agree to make those and any additional repairs needed within an agreed upon timeframe. 1st payment is half down. If you complete repairs sucessfully, then you make the final payment and the house is yours. If you do not, you loose the 1st payment and whatever you put into the house. There also is a specific length of time that you need to live in the house…you cannot flip it.
This is in response to the person who said the plumbing might not be attached basically and the floors are filthy well clean one room at live in that room basically be disciplined and understand when you’re ripping and stripping in the house and rebuilding it things get dirty so you might try a different business if you’re not willing to get your hands dirty. If you joined a gym in the area you’re go to the gym in the morning take a shower go to the bathroom and go there in the evening. Or I’m sure they have a fast food restaurant that you could use the restroom at. I know I had to do that for eight months and this absolute disaster of a house people thought I was crazy to buy the house it was magnificent the day I put the big red ribbon around a 6000 square foot house that was in the middle of nowhere the little town came out and I had a ceremony the mayor cut the ribbon and people walk through they took their shoes off and put on booties and I just heard an odd they put it in a little newspaper and two weeks later I sold it for nine times what I put into the house. It took seven and a half months. But it was a one-man show and I had no contacts in that area so I had to import some people and that cost. But it’s well worth bringing something out of the ashes back to its full glory and more. I just don’t do business in any place anymore it has the state tax. I found a place in Upstate New York that was magnificent I saw the pictures and I flew up there the next day had to rent a car drive a few hours got lost a couple of times ask for directions found House met the real estate agent on time. Walk through it said I want it based upon the tax rate being a certain tax rate or under. But a $5,000 earnest money check I could not get her to call me back after I got back to Texas the next day. A week and a half later nobody’s returning the call. So I waited two days and I called on a Sunday and I guess the person that work there was new because I’ve never spoken to her before. I asked them to send me the paper but had the tax rate on it so that I can finish the deal so she faxed it over to me. I flew up there the next day it was a deal killer. For the price I bought the house what I took into account all the taxes that I had to pay in that area I would be paying for the house in taxes every 8 years that’s how high the taxes were wasn’t worth the money so I canceled the deal I told the broker I wasted my time and my money coming back and forth because she would respond. I wasn’t happy. So that’s why I do business only where they have no state tax. It makes my life a lot easier.
If this program approaches the renovations in the way the NYCRRP was supposed to work, the new owner would have to get minimum power, water, gas/fuel (if already there), and heat to make the house livable during the reservations.
9 Comments
Ashanti Laszlo
Sounds sketch AF. You still don’t own it until you do all the reno? Then what? The seller finds some way to back out after you put all that money into it? Pass.
Deb Maxwell
I believe the land bank program is distressed housing that is owned by a government agency. It’s an effort to help bring back neighborhoods. There was one in Youngstown with the same restrictions.
Devin
Would this or any other consider land contract: etc
[email protected]
There is one currently in NY that specifically states owner financing possible. You would have to contact the realtor of a home you have interest in to ask about a land contracts. Realtor links are provided in the posts.
Rebecca
How do you live in it while working. Might not have plumbing and the floors are filthy. Shouldn’t have to live in it for the first few months at least.
Mary A. Bennett
As far as I know, these types of title holds are done where the title company holds the title, so the seller is protected, and the buyer has to do the renovations in a certain time frame then the title or deed is handed over.
J. Wolfe
It is really simple….This house is owned by the County Land Bank. The land bank has an assessment on paper that states what needs to be done to the house. When you buy it, you agree to make those and any additional repairs needed within an agreed upon timeframe. 1st payment is half down. If you complete repairs sucessfully, then you make the final payment and the house is yours. If you do not, you loose the 1st payment and whatever you put into the house. There also is a specific length of time that you need to live in the house…you cannot flip it.
Charles E Snyder
This is in response to the person who said the plumbing might not be attached basically and the floors are filthy well clean one room at live in that room basically be disciplined and understand when you’re ripping and stripping in the house and rebuilding it things get dirty so you might try a different business if you’re not willing to get your hands dirty. If you joined a gym in the area you’re go to the gym in the morning take a shower go to the bathroom and go there in the evening. Or I’m sure they have a fast food restaurant that you could use the restroom at. I know I had to do that for eight months and this absolute disaster of a house people thought I was crazy to buy the house it was magnificent the day I put the big red ribbon around a 6000 square foot house that was in the middle of nowhere the little town came out and I had a ceremony the mayor cut the ribbon and people walk through they took their shoes off and put on booties and I just heard an odd they put it in a little newspaper and two weeks later I sold it for nine times what I put into the house. It took seven and a half months. But it was a one-man show and I had no contacts in that area so I had to import some people and that cost. But it’s well worth bringing something out of the ashes back to its full glory and more. I just don’t do business in any place anymore it has the state tax. I found a place in Upstate New York that was magnificent I saw the pictures and I flew up there the next day had to rent a car drive a few hours got lost a couple of times ask for directions found House met the real estate agent on time. Walk through it said I want it based upon the tax rate being a certain tax rate or under. But a $5,000 earnest money check I could not get her to call me back after I got back to Texas the next day. A week and a half later nobody’s returning the call. So I waited two days and I called on a Sunday and I guess the person that work there was new because I’ve never spoken to her before. I asked them to send me the paper but had the tax rate on it so that I can finish the deal so she faxed it over to me. I flew up there the next day it was a deal killer. For the price I bought the house what I took into account all the taxes that I had to pay in that area I would be paying for the house in taxes every 8 years that’s how high the taxes were wasn’t worth the money so I canceled the deal I told the broker I wasted my time and my money coming back and forth because she would respond. I wasn’t happy. So that’s why I do business only where they have no state tax. It makes my life a lot easier.
Michael
If this program approaches the renovations in the way the NYCRRP was supposed to work, the new owner would have to get minimum power, water, gas/fuel (if already there), and heat to make the house livable during the reservations.