Purchasing LRC Property
How Can I Buy LRC Property?
First you’ll want to view the available LRC properties. Look for black dots on the map, or use the blue filter button to select the ‘Land Reutilization Commission’ under Inventory Type. These properties include real estate that has been foreclosed due to nonpayment of property taxes by the current owner. The sale price is listed in the top left corner of the property detail page. A covenant may apply on certain properties that requires the purchaser to begin construction of a dwelling within one year of purchase and complete construction within one additional year.
Once you have selected the properties you are interested in purchasing, you will need to submit 20% of the sale price as your down payment to LRC staff by the Friday prior to a board meeting (see board meeting information here). If you don’t agree with the sale price, you may have the property reappraised. To do this you will need to submit your reasons for the lower value in writing, along with a nonrefundable reappraisal fee (call for fee amount). Once your down payment has been received, LRC staff will prepare a contract to be reviewed at the next board meeting.
All offers received will be reviewed by the LRC Board. You may attend the board meeting. You will be notified in writing of the LRC Board’s decision. Down payments will be refunded to those who were not approved. In the case of more than one offer for any property, you would need to attend an auction to bid for the property. If you are an unsuccessful bidder your down payment will be refunded in about one (1) week.
Transfer of the Title takes approximately sixty (60) days. During that time, the County Attorney notifies the current title and lien holders of the potential sale of the property. The current owner of the property must pay all taxes and costs in the foreclosure in order to stop our sale. If the current owner does not pay the taxes, the County Sheriff’s staff will prepare a Sheriff’s Deed for the LRC. As soon as the LRC receives a Sheriff’s Deed, you will be notified and given twenty (20) days to pay the remainder of the sale price as well as additional closing costs of $165.00. After your final payment has been made, a Special Warranty Deed will be prepared by the LRC. The County Treasurer cancels unpaid taxes and the property is restored to the tax roles for the new tax year. There may be a large difference between the LRC sale price and the property tax value. Contact our office for the current tax value.
All monies paid to the LRC must be in the form of a Cashier’s Check, Money Order, or a Certified Check made out to the Land Reutilization Commission. No personal checks or cash accepted.