Are you looking to purchase your own home but having trouble finding something in your price range? Have you ever considered purchasing a fixer upper?
The Cook County Land Bank Authority, on behalf of Cook County President Toni Preckwinkle and CCLBA Chairwoman Bridget Gainer, launched Homebuyer Direct Program! The focus of this program lies in reaching out to prospective homeowners who may be interested in directly purchasing, rehabbing, and ultimately living in the home of their dreams!
View Launch Press Release and Program Details
With this in mind, the CCLBA is looking to offer properties throughout Cook County to prospective owner-occupants at below-market prices. This could be a perfect opportunity for you to engage in the purchase/rehab, finish it to your taste, and build in some equity! Follow the instructions below to view available properties, and be sure to check back often–the listing updates daily!
How To View Homebuyer Homes
Access Property Viewer
Navigate to our Interactive Property Viewer to view all CCLBA properties currently available.
Filter Properties
Click on the 'Filters' tab located at the top of the map. Navigate to the, 'Inventory Type' filter and select, 'Residential Home – Homebuyer' to view all properties eligible for the Homebuyer Direct Program. You are able to filter further if needed.
Apply
If you are interested in any of the properties that pop up, click the 'Apply' button on that property. At that point, you will be prompted to create an account (required) before applying for a property/parcel.
One of the best ways to impact a neighborhood for the long term is to expand home ownership. Home ownership – especially when the mortgage is ethical – builds generational wealth... This initiative builds upon the Land Bank’s mission to reduce the number vacant buildings by filling them with not just residents, but homeowners, especially in communities hit hardest by the mortgage crisis.
The Cook County Land Bank has a number of lending partners that specialize in purchase/rehab loans such as the 203K product. Download a printable PDF of all partners participating in the CCLBA’s Homebuyer Direct Program, which can also be found below:
Available properties may be viewed on our website (www.cookcountylandbank.org) by navigating to our Interactive Property Viewer. Click “Homebuyer Direct” at the top of the page. If you are interested in a property and wish to inspect, click “Apply”. You will be asked to create an account, and then complete a short application. CCLBA will make arrangements for you to inspect the property. If you are working with a Real Estate Broker, then the Real Estate Broker will meet you at the property to inspect. If you wish to put in an offer, go back to the property address on the website and click “Offer” and complete the questions. CCLBA will contact you to let you know the status of your offer.
If you are financing the purchase then yes, your offer should be accompanied by a pre-approval letter from your lender. If you are paying cash, please provide proof of funds.
Yes, you may offer less than the minimum.
The Land Bank does not impose any income restrictions on buyers.
The Land Bank requires a non-refundable $1,000 application fee, which is applied as a credit at closing. Funds must be in the form of a certified check made out to the Cook County Land Bank Authority.
Funds will be returned by providing a copy of the Lender’s Notice of Denial. However, if the loan is being denied due to a misrepresentation of income, assets, and debt disclosed for the pre-approval then funds will not be returned.
Yes, your Real Estate Broker is welcome and will earn a flat fee of $2,500 up to a purchase price of $100,000; over $100,000 a commission rate of 2.5%.
The Land Bank will look at occupancy, contract contingencies, down payment, and first time homebuyers.
The Land Bank prices the home below the market value using comparable sales information from the Multiple Listing Service. In the unlikely event that the home appraises for less than the offer price, the Land Bank will review the appraisal and consider an adjustment to the purchase price if warranted.
Typically, the lender issues a loan commitment within 30-45 days and closes shortly thereafter. Please check with your lender. CCLBA will grant contract extensions if warranted.
Your Real Estate Broker will provide a value of the property after rehab. Further, the lender will complete an “as completed value” appraisal.
Yes, check with the following for down payment assistance programs:
- Your lender may offer assistance;
- City of Chicago;
- Neighborhood Housing Services;
- Illinois Housing Development Authority (IHDA); and
- Your Real Estate Broker
Depending upon the source of funds, cash buyers typically are ready to close within 30 days. If you are working with a lender, a lender’s average closing time is 45-60 days. Please check with your lender.
The $1,000 application fee is non-refundable, unless the buyer’s financing is declined.
Buyers are encouraged to seek representation. CCLBA and its attorney cannot provide legal advice to the buyer.
Buyers are highly encouraged to attend a homebuyer class. Some lenders or entities offering down payment assistance will require homebuyer education. Please check with your lender or with the entity offering down payment assistance.
The Land Bank does not lend money. Buyers seeking financing may select any lender they so choose.
Yes. Please see a list of our Lending Partners under the Homebuyer Direct Tab.
Homes may be purchased via Cash or Financing.
Purchase/Rehab loan would be the most appropriate type of loan for this program. However, buyers will work with their lenders to determine the best loan product/terms for their financial situation.
The CCLBA will turn on utilities (water, gas, electric) if requested by lender; however the properties are being sold “As Is”. Buyers should pursue a Purchase-Rehab loan such as a 203K to purchase the property and complete repairs and updates.
The only expectation is that rehab complies with all local, county, and state building codes and ordinances.
CCLBA will confirm that the Contractor is in, “Good Standing” with the State of Illinois, and property licensed and bonded to do business in the respective municipality.
Occupancy prior to the completion of rehab depends on safety, soundness, and structural integrity. Many cities and Villages require a “Certificate of Occupancy” prior to living in the home. Buyers are encouraged to reach out to the local municipality and inquire about occupancy requirements.
Yes, the Land Bank will provide a preliminary home inspection report; however, this report is for informational purposes only. The inspector may not be held liable for items missed. Inspections are the responsibility of the buyer.
Yes, buyers are strongly encouraged to conduct their own inspection (s) so that you may determine the condition of the property and level of rehab needed. Homes sold by CCLBA are sold “As-Is, With Any and All Faults”.
We strongly encourage buyers to complete inspections prior to making an offer. Further, the buyer will have time to complete inspections within the time period noted in the purchase and sales agreement.