The Detroit Land Bank Authority launched the auction website in May 2014 in an effort to connect potential homebuyers with vacant Detroit Land Bank-owned houses. The auction started by selling one home per day, five days a week and is now selling three houses per day, seven days a week.
Winning bidders are required to fix up the homes promptly. The following requirements will have to be met:
- Within 72 hours of auction, you must pay 10% of the bid price.
- If you are not seeking lender financing for the sale or rehabilitation of the property, you will need to close on the sale within 30 days of the winning bid.
- If you are seeking lender financing for the sale or rehabilitation of the property, you must close on the sale within 60 days of winning the bid.
- Within 30 days of closing, you must provide Land Bank with an executed construction contract for rehabbing the property (if you are rehabbing the property yourself, you must provide receipts for purchased rehab materials and applications for necessary permits).
- Within 6 months of closing (9 months for properties in designated historic districts), you must submit a copy of a certificate of occupancy or certificate of acceptance and have an occupant living in the home.