Interested in buying a City property?
It’s as easy as 1…2…3!!
1. Contact any Wisconsin licensed Real Estate Broker to assist you in the purchase process.
2. Ask the broker to call us at 286-5730 to arrange for access to the property you are interested in buying. Be sure to do a very 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.
3. Have the broker write an 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. And remember to budget for the unexpected because buying and fixing up an old house oftentimes has its pleasant and unpleasant surprises.
The prospective buyer(s), LLC member or otherwise, needs to possess a certificate from the Landlord Training program as a condition of closing. Certificates dating back for a period of 5 years, from the date of closings, will be valid. Click here to go to the Landlord Training Program.
Brokers: Here's what you need to know…
- Call 286-5730 for information on how to access the property.
- Show the property to the perspective buyer.
- Write an offer on the City of Milwaukee sales contract and submit to 809 North Broadway, Milwaukee, Wisconsin, 53202 or fax to 286-0395. (Brokers fees are the greater of $1,500.00 or 6% and 10% for residential and commercial properties, respectively.)
- 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 North Broadway.
- Lost or additional City keys $2.50.
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.
- 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.
Note: Section (e) above applies to any ownership group or LLC of which any prospective buyer has been a member.