Investor 

Submitting an Offer to Purchase

Please note the following applies to all offers submitted: 

1. Review the City of Milwaukee Residential Offer & Closing Checklist
   1. Use the CHECKLIST: CITY OF MILWAUKEE RESIDENTIAL OFFER & CLOSING sheet to complete and Submit the offer.
2. Investors using an LLC or other entity MUST provide the following:
   1. Articles of Incorporation/Organization for entity buyer
   2. WI DFI (Wisconsin Department of Financial Institutions) Printout for entity buyer
   3. The entity must be in good standing with the Wisconsin Department of Financial Institutions.
3. Review the property's Scope of Work.  Buyer understands items marked as "Essential Repairs" must be completed to receive the Essential Repair Verification Certificate 365 days after closing and signs Exhibit A in the City’s Offer to Purchase.
4. Buyer will need to provide proof of funds for the purchase price and essential repairs estimate from the property’s Scope of Work. Buyer will complete and sign buyer verification of funds form (Exhibit A).  (PURCHASE PRICE + ESSENTIAL REPAIRS)
   1. Acceptable Proof of Funds must show the following:
      1. Current bank statement (Letters are not accepted)
         1. Identification number with a minimum of the last 4 digits of the account provided
         2. Name of Account Holder
         3. Balance on account
         4. Date of account (within the last 30 days)
      2. Pre-approval Letter (for purchase or renovation financing)
         1. Name of Buyer
         2. Name of Financial Institution
         3. Amount of loan
         4. Date of the letter (within the last 30 days)
      3. DONOR Funds:
         1. If Buyer chooses to use a Donor; Donor must fill out a Gift or Loan Affidavit for proof of funds and submit the following:
            1. Provide proof of funds (Letters are not acceptable)
            2. Government issued IDs for all persons or entities involved in the donation, Gift or Loan Affidavit must be notarized
            3. If the donor is an entity and not a personal donor, must include articles of incorporation/organization
         2. Donor must be current on all City of Milwaukee property taxes and fees for any properties they personally own, or as part of an entity, in the City of Milwaukee.
5. If a Special Conditions Addendum is required it will need to be submitted with the City’s Offer to Purchase.
6. Submit a copy of government-issued ID for each signing buyer. MUST BE SUBMITTED WITH THE OFFER TO PURCHASE.
7. If you are a City of Milwaukee employee, or your spouse, sibling, parent or child is a City of Milwaukee employee, than you must submit a  City of Milwaukee a Conflict of Interest Form with your Offer to Purchase.
8. Be sure The Offer to Purchase is signed on page 12.

General Buyer Policies

Additional things to know about submitting an offer and accepted offers:

• 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. How to submit Earnest Money:
  • 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.
• Performance Deposit
  • 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.
  • 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 The Offer to Purchase for additional details.
• 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.
  • All properties are offered for sale in an “AS IS” condition.
    
     

Accepted offers will be evaluated by purchase price and in some cases program participation. Likelihood of project completion, including city buyer check and buyer history will be part of the offer evaluation.

The City has the discretion to select offers in which it is deemed most likely the work will be completed in a timely manner.

The City reserves the right to reject any offer for any reason, including no reason at all.