The Herkimer County Land Bank offers a clear path to acquiring tax-foreclosed and abandoned properties. While these properties require significant effort, they also offer the opportunity to contribute to community revitalization. Learn the key steps below.
The first and most important step in purchasing a property from the Herkimer County Land Bank (Land Bank) is to determine if a Land Bank property is right for you. Most properties owned by the Herkimer County Land Bank are vacant, abandoned, blighted, and tax-foreclosures.
The foreclosure process can take years, during which time properties, especially vacant buildings, can deteriorate significantly. These factors increase the amount of time and money needed to bring them back to productive use.
Depending on your resources, goals, and abilities, a Land Bank property may or may not be the right fit for you. Land Bank properties are sold in “as is” condition, and no warranties are made regarding property condition. Prospective buyers looking to purchase a property from the Land Bank really need to do their homework to understand the amount of work necessary to rehabilitate it.
The Land Bank does not typically have “move-in-ready” properties. Most, if not all, Land Bank buildings will need to be improved—some more than others—in order to meet local building codes, which is a requirement of purchasing a Land Bank property. The Land Bank shares what information it has on properties, but typically, we have very little information about the property. It is up to the buyer to develop a clear understanding of whether or not a property is right for them.
The next step in our process is to read and make sure you understand our Property Purchase Application. The Application contains all of the information required for the applicant to be considered for the purchase of a Land Bank property (only complete applications are reviewed), terms and conditions of property sales (what to expect if approved), as well as important property viewing and enforcement information.
Applicants seeking to purchase buildings are required to make an appointment to view the property prior to purchase. Our staff is available to assist if you have any questions about the Application. If you have questions or would like to book an appointment, you can send an email to [email protected] or call our office at (315) 867-1650.
A list of properties available for purchase from the Land Bank is posted on our home page and is also available at the Land Bank office. Please pay close attention to the published application deadline for any property listed, as only Applications received by the deadline will be considered.
Completed Applications received by the deadline are presented to the Herkimer County Land Bank’s Acquisition and Disposition Committee, which is a committee comprised of members of the Land Bank’s Board of Directors. This committee reviews and recommends purchase offers (or directs Land Bank staff on required items necessary to approve purchase offers) to the Board of Directors. The Land Bank’s Acquisition and Disposition Committee meets prior to the scheduled monthly Board of Directors Meeting.
Purchase offer recommendations are presented to the full Board of Directors, which typically meets the second Tuesday of each month. All property sales by the Land Bank must be approved by the Board of Directors. The Herkimer County Land Bank disposes of real property in accordance with its Disposition Policy.
When approving purchase offers, the Board of Directors seeks to select those that are reasonable and consistent with the Land Bank’s mission and purpose, taking into consideration one or more of the following factors:
It is important to note that the Land Bank’s Board of Directors approves property sales at its sole discretion and is not bound to make decisions based on any one factor. The Land Bank typically receives multiple applications for each property, and in some cases, may approve one or more alternate buyers in the event the approved buyer does not close on the property.
All applicants will be informed of the Board’s decision. If your application is selected, you will be contacted by the Land Bank Treasurer and/or Attorney with information regarding the closing. It is important to note that many Land Bank properties are competitive, and if your application was not selected, our staff is committed to working with you to find a property.
Land Bank properties are typically vacant, abandoned, and sold 'as is.' Evaluate your resources and goals to determine if these properties fit your needs.
Our application outlines all requirements, terms, and conditions for purchasing a Land Bank property. Applications must be complete to be reviewed
Book an appointment to view the property. This is a mandatory step before submitting your application
Submit your completed application by the deadline listed for the property. Only applications received by the deadline will be considered
Applications are reviewed by the Acquisition and Disposition Committee, then approved by the Board of Directors. Factors include qualifications, offer price, and community benefit
If your application is selected, our staff will guide you through the closing process. We are here to help if your application is not selected
The New York Land Bank Association, Inc., established in 2015, supports land banks across the state by fostering collaboration, sharing resources, and providing technical assistance. It serves as a vital network to inform local governments, citizens, and stakeholders about land banks, while promoting strategies to revitalize communities and further the mission of land banks throughout New York.
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