Any experience with purchasing from a County Land Bank??

[Givonna Wiley]

I found a SF home that I'm interested in purchasing from the Cuyahoga County (Ohio) Land Bank to rehab and sell. The County owns these properties and sells them to recoup the delinquent taxes. The home is in University Heights, Ohio. They want $32,000, estimates $35,000 for repairs and eappraisal.com quotes $98,000 for ARV.

What are the pros and cons for purchasing from a Land Bank?  Would you purchase it?

[Christian Carson]

The county land bank is difficult to deal with if you are a new investor and haven't done any rehabs from them before. 

If you do manage to go through their application process and get your bid accepted, be aware that you will not be able to use conventional financing until the project is done. The land bank holds your deed in escrow until it inspects and approves all your rehab work, which means you technically don't own the property until they give the green light.