You can find a home and other types of buildings at great prices if you are willing and able to apply a little elbow grease. All houses and buildings are sold “as is” and require repairs or renovation.
Offers to purchase a home or building must include:
A scope of repairs to be performed after purchase.
A timeline for completion of repairs.
Evidence that you have the resources to cover the cost of repairs. As property custodians, the Land Bank requires assurance that you have the ability to complete the project.
All property sales require a deed of trust to ensure that the house or building is repaired as promised in the offer.
Asking Prices and Offers
The Land Bank is required to sell properties for at least two-thirds of their fair market value. Asking prices are based on the fair market value as determined by the County Assessor; however, other sources of market value can also be used. Offers for less than two-thirds fair market value must be approved by four of the five commissioners.
Your offer to purchase a property may take into consideration the cost of repairs or improvements to be performed after the sale.
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The Land Bank of Kansas City, Missouri demonstrates its dedication to the betterment of our communities by providing opportunities for economic development and neighborhood revitalization. You can be assured that Land Bank property will never be sold to:
Anyone convicted of charges involving prostitution or the sale of illegal drugs.
Registered sex offenders.
Owners of other property in Kansas City, Missouri who have delinquent taxes or code violations and are not in remediation.
Additionally, our policies and procedures are designed to prevent speculators from purchasing properties with the sole intention of “flipping” them for a quick profit. Our applicants are thoroughly screened to ensure that they are willing and able to comply with our policies and procedures and that their plans are in the best interest of the community.