No Current Listing at this time
Click here to view successful bids from the August 19, 2014 bid due date: Successful Bids
Open to all bidders unless otherwise noted
Offers may be submitted at any time. Investor owners must possess or obtain Landlord Training Program certificate as a condition of closing.
Your Path to Homeownership in the City of Milwaukee
1. Contact any Wisconsin licensed Real Estate Broker to assist you in the purchase process.
2. Ask the broker to call us at (414) 286-5730 to arrange for access to the property. Complete a thorough inspection of the property to familiarize yourself with the features of the home and to determine the extent and cost of needed repairs. Seek qualified help if necessary.
Please note the following applies to all offers submitted:
- When so called “sweat equity” is involved on the rehab costs portion of the bid, a Modified Scope of Work needs to be submitted by the prospective buyer that deducts the estimated sweat equity labor and materials value from those listed on the scope of work provided by the City. The necessary qualifications/certificates/licenses for sweat equity work need to be submitted as well.
For example, if the City's scope of work estimates rehab costs at $6,000 and the bidder estimates that sweat equity labor and material value equal $1,000, then bidder would deduct the $1,000 sweat equity from the $6,000 total estimated rehab to get to an adjusted $5,000 for estimated rehabilitation.
Also, in evaluating similar and competing bids, the City reserves the right to select offers in which licensed and/or certified vendors are utilized to complete the items identified on the scope of work. Furthermore, the Real Estate Department has the discretion to select offers in which it is deemed most likely that the work will be completed to building code standards in a timely manner.
- Accepted offers will be evaluated on total investment. In evaluating and analyzing competing bids, the City adds the bidder's cash purchase price plus the bidder's estimated rehab costs to get a total investment number. Bids are compared against each other by comparing the total investment number from each bid.
3. Have your broker complete the City of Milwaukee - Offer to Purchase and submit it to us on your behalf.
If your offer is accepted, you should apply for financing immediately. Keep in mind that you must make the property code compliant after closing. Budget for the unexpected because buying and fixing up an old house oftentimes has its pleasant and unpleasant surprises.
General Buyer Policies
Notwithstanding the foregoing, unless otherwise authorized by a vote of the common council, the city shall not convey development property or neighborhood property to any person or entity (“grantee”) unless the commissioner determines that the grantee has the skills and financial resources needed to successfully carry out the property rehabilitation or restoration plan required by City Ordinance, if applicable, and without first obtaining such grantee's warranty that neither the grantee nor any principal of the grantee is:
- Delinquent in the payment of any property tax, special assessment, special charge or special tax to the city.
- A party against whom the city has an outstanding judgment.
- A party against whom the city has outstanding health or building code violations or orders from the city’s health department or department of neighborhood services that are not actively being abated.
- A party who has been convicted of violating an order of the health department or department of neighborhood services within the past year.
- A party who owned property in the city that, at any time within the past 5 years the city acquired by means of property-tax foreclosure. Applies to any ownership group or LLC of which any prospective buyer has been a member.
- A party who has been convicted of a felony determined by the commissioner to reasonably cause neighborhood or community concern with respect to neighborhood stability, health, safety or welfare. In making this determination, the commissioner may consider factors such as the nature of the crime, the date of conviction and the existence and nature of community impact and complaints.
For additional information and assistance:
If you are a licensed broker or sales person, broker fees are the greater of $1,500.00 or a full 6% commission on residential property and 10% on commercial property.
- Call 286-5730 for information on how to access the property
- Show the property to the perspective buyer
- Submit City of Milwaukee - Offer to Purchase to 809 N. Broadway, Milwaukee, WI 53202 or fax to (414) 286-0395
- Collect the $750 earnest money and hold in Broker’s Trust Account
- Receive and forward a copy of the accepted offer to the buyer
- Assist the buyer with locating financing
- Forward verification of funds for purchase and rehabilitation to city
- Assure closing happens within 45 days of acceptance of the offer or earnest money is forfeited
- Offers may be extended for ONLY one 30-day period upon submission of a $250 extension fee
- Do a final walk through the day of closing
- Remove the City’s lockbox or padlock and turn it in to 809 N. Broadway
- Lost or additional City keys $2.50