Broker Information
 

SUBMIT CITY OF MILWAUKEE - OFFER TO PURCHASE

Owner Occupant Offers

• Provide the following (Click here for more information):
• Completed and Signed City of Milwaukee Offer to Purchase
• Signed Exhibit A
• Completed and Signed Exhibit B
• Completed, Notarized and signed Exhibit C
• Government Issued Picture ID
• Proof of Funds (Bank Statement or Pre-Approval Letters)
• If Lender Affidavit is used as proof of funds, provide bank statements, Government issued ID for Donor/Lender
• Conflict of Interest Form if the buyer is an immediate family member of City, RACM, or HACM employee or an employee
• HIP Fund Special Conditions Addendum, Historic Preservation & Conservation Easement if property is Historical

Investor Offers

Provide the following for an Investor offer:   

• For additional information on submitting an investor offer, please go to INVESTOR PAGE
• Completed and Signed City of Milwaukee Offer to Purchase
• Signed Exhibit A
• Completed and Signed Exhibit B
• Government Issued ID
• Proof of Funds (Bank Statement or Pre-Approval Letters)
• Articles of Incorporation / Organization
• Wisconsin Department of Financial Institutions printout showing registration of entity with WI DFI; entities must be in good standing
• Conflict of Interest Form if the buyer is an immediate family member of City, RACM, or HACM employee or an employee

Submit Offer:

• Email offers to [email protected]
• If property is listed under a listing contract with a listing broker, buyer broker or buyer (if there is no Buyer Broker) must submit offer to the listing broker who shall submit it to the City.
• Make sure to submit additional documents if applicable, HIP Fund Special Conditions Addendum or with entity buyers’ articles of incorporation/organization, WI DFI printout, or conflict of interest form if buyer is immediate family member of City, RACM, or HACM employee.
   

Commission:

1. 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

Buyers with an Accepted Offer:

Please review the following (Click Owner Occupants or Investor for more information)

1. Receive and forward a copy of the accepted offer to the buyer
2. Provide Earnest Money to Knight Barry Title within 3 business days of accepted offer
   1. In-Person: Knight Barry Title Inc. 201 E Pittsburgh Avenue, Suite 200 Milwaukee, WI 53204
   2. Online: Zoccam
3. Have Buyer complete the Landlord Training Program PRIOR to closing and forward a copy of the certificate to Knight Barry Title, if purchasing duplex or multi-unit properties and ALL INVESTORS.
4. Assist the buyer with locating financing, if applicable
5. All Real Estate Agents are required to provide buyers a copy of the following;
   1. Protect Your Family From Lead in Your Home (Español)
   2. Lead-Safe Water Guide (Español)
6. Assure closing happens within 45 days of acceptance of the offer or earnest money is forfeited
7. Offers may be extended for ONLY one 30-day period upon submission of a $250 extension fee
8. Do a final walk through the day before or day of closing
9. Remove the City’s lockbox or padlock and return to Knight Barry Title Inc., located at 201 E Pittsburgh Avenue, Suite 200 Milwaukee, WI 53204, the morning of the scheduled closing.  

Buyers Preparing for a Closing:

Review the Offer to Purchase and the Coversheet

Submit the following to Knight Barry Title to schedule a closing.

1. Provide water meter pic
   1. Pic of water meter with dial numbers shown or where the water meter was located - may have been pulled out in weatherization process.
2. Provide Landlord Training Certificate, if needed
3. Provide current bank statement for verifying funds for rehab
4. Bring Lockbox or Padlock to Closing.
   1. You may put your personal lock on the property the MORNING OF THE SCHEDULED CLOSING.

General Buyer Policies

Additional Things to know about Submitting an offer and accepted offers:

• Owner Occupants are required to live in the property for 3 years.
  • Breach of this covenant will lead to a lien on property, liquidated damages and/or buyer’s inability to purchase additional City properties
• Landlord Training:  Investor buyers (includes non-profit and bulk buyers) or owner occupant buyers purchasing a duplex or multi-family home must complete landlord training and provide proof to DCD prior to closing.
  • As of May 1st, 2021, landlord training certificates must be renewed every three years.
• Earnest money in the amount of $1,000.00 shall be received 3 days after acceptance.
  • Option One: The earnest money can be deposited through ZOCCAM which is a mobile app used on a smart phone to digitally deposit your check (which may be a cashier’s check, a business check, a personal check, or a certified check).  ZOCCAM is available in the Apple App Store for Apple Phones and the Google Play Store for Android.
  • Option Two: The earnest money in the form of a certified check, cashier’s check or money order can be delivered to Knight Barry Title Inc.’s Milwaukee Office ONLY.  Knight Barry’s Milwaukee office is located at 201 East Pittsburgh Avenue, Suite 200, Milwaukee, WI 53204.  Knight Barry is open from 8 AM to 5 PM, Monday through Friday, except federal holidays. Please refer to the City’s Offer to Purchase.
  • Offers will be terminated if earnest money is not turned in within 3-days of an acceptance
• Performance Deposit

Investor Buyers

• Investor Buyers must provide a $3,000.00 performance deposit at closing.
• Investors offering to buy in the name of a non-profit must provide a $1,000 performance deposit at closing.

Owner Occupant Buyers

• Owner Occpant must provide a $1,000.00 performance deposit at closing.

All Buyers

• Buyers are obligated to complete essential repairs within 365 days of closing.
• Performance Deposit is refundable if buyer completes the Essential Repairs at the property, and obtains a DNS stamped Essential Repair Verification Form within 365 days of closing.
• Please see Offer to Purchase for additional details.
• Extensions to the Offer to Purchase
  • Per OTP, an extension may be granted for up to 30-days
  • A $250 extension fee will be required
• Verification of Funds at the time of Closing:      
  • Verification for essential repairs estimate from the property’s scope of work will be done at the time of closing.
    • Buyer will complete and sign a Buyer Verification form
• City property should be brought to Knight Barry on the day of closing
  • Lockbox with key inside
  • Padlock
  • City of Milwaukee Real Estate Signs
• REJECTED OFFERS: Offers to Purchase will be rejected from any party (as an individual or as part of an entity) who:
  • Is delinquent in the payment of any property tax, special assessment, special charge or special tax to the City of Milwaukee.
  • Has outstanding judgments from the City or if the City acquired a property tax-foreclosure judgment.
  • 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.
  • Has been convicted of violating an order of the Health Department or Department of Neighborhood Services within the past year.
  • 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.