How do I buy a house in Shelby County Land Bank?
Potential Purchaser must submit a completed property request form to [email protected] . A Real Estate specialist drafts an offer agreement or donation form and emails it to the Potential Purchaser. Potential Purchaser must return signed offer agreement or donation form with Good Faith Deposit and copy of ID.
How do I buy land in Shelby County TN?
Loading. How do I purchase property from Shelby County? Individuals interested in purchasing Shelby County owned properties should contact the Shelby County Government Land Bank at (901) 222-1150.
How do land banks work?
Land banks are quasi-governmental entities created by counties or municipalities to effectively manage and repurpose an inventory of underused, abandoned, or foreclosed property. They are often chartered to have powers that enable them to accomplish these goals in ways that existing government agencies can not.
How do I buy abandoned buildings?
Here are some options to get you started:
- Search for houses that look abandoned.
- Ask a mailman or delivery carrier if they see any abandoned homes on their routes.
- Make a trip to the county clerk’s office.
- Look at property auctions in your area.
- Call local realtors and inquire about abandoned homes.
Can you buy property from a land bank?
Buying properties from a land bank Many counties that sell properties will offer a list of land bank properties that will vary in price. Some properties or lots can be purchased for a few thousand dollars to tens of thousands of dollars or more.
What are land banking schemes?
Land banking is a real estate investment scheme that involves buying large blocks of undeveloped land. These schemes are often unregulated and there’s little protection if something goes wrong. In a land banking scheme, property developers usually buy land, divide it into smaller blocks and offer it to investors.
What are land bank properties?
Land banks are public authorities or non-profit organizations created to acquire, hold, manage, and sometimes redevelop property in order to return these properties to productive use to meet community goals, such as increasing affordable housing or stabilizing property values.
What is the difference between a land bank and land trust?
Land banks and community land trusts haven’t historically coordinated their work: land banks typically purchase properties in weak markets with the goal of bringing them back to productive use, while community land trusts have focused on ensuring affordability in hot markets.
How does the Shelby County Land Bank work?
Making County owned real estate available for acquisition by individuals, companies and organizations in the private, public and not-for-profit sectors through sales and nominal consideration conveyances is a job that keeps the Shelby County Land Bank very busy. The majority of the properties were acquired by the County through delinquent taxes.
How many properties are there in Shelby County?
Currently, the Land Bank has available over 4,509 properties of which 462 have residential or commercial improvements thereon. The majority of these properties were acquired by the County through delinquent taxes.
What is the purpose of a land bank?
It is the Land Bank’s mission to get these properties back into productive use by responsible owners as quickly as possible in an effort to preserve property values, encourage redevelopment in the older communities, revitalize neighborhoods, minimize blight, maximize our tax base and reduce tax-supported expenses.