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Home > City Departments > Real Estate > Purchase of City Property > Guidelines

Guidelines

Purchaser Qualifications – General

  • Any interested purchaser must be current on all financial obligations to the city (taxes, sewer, water, user fees, violations, etc.)
  • If the purchaser owns any property in the City, the property must be free of any code violations.
  • Provide evidence of financial ability to acquire, repair and maintain property
  • Provide verification of current source(s) of income (recent pay-stub, W-2, tax return, bank statements, etc.).

Purchaser qualifications – Residential or Commercial Structure

In order to schedule an appointment for an interior property inspection, you must submit the following:

  • Most recent monthly bank statement or line of credit information verifying immediate access to a minimum of $5,000 (five thousand dollars).
  • Provide verification of current source(s) of income (recent pay-stub, W-2, tax return, bank statements, etc.).

Note: Additional financial information related to acquisition and rehabilitation costs may be required from the purchaser.

Acquisition process

  • Complete an APPLICATION TO PURCHASE CITY OWNED PROPERTY . This request asks that a purchaser provide some basic information to the City before a purchase file is opened. The information required is specific to residential / commercial structures or vacant lot acquisition. The APPLICATION must be submitted to the Division of Real Estate for review and release by the Land Use Planning Committee.
  • If the Land Use Planning Committee determines that the property is needed for public purpose or development and cannot be released, the Division of Real Estate will notify the interested party.

Residential or Commercial Structure

The following is required:

  • A purchaser must submit a detailed REPAIR/REHABILITATION/REDEVELOPMENT PROPOSAL form.
  • Submit a budget for the acquisition and rehabilitation of the structure
  • Submit evidence of the financial ability to meet the budget in the form of three (3) most recent monthly bank statements, line of credit, or letter of commitment or intent to finance the proposed project from a recognized financial institution.
  • Provide verification of current source(s) of income (recent pay-stub, W-2, tax return, etc).
  • Submit copies of paid receipts of tax, water, sewer, and user fees for all property owned in the City of Buffalo
  • An appraisal of the property from a licensed real estate appraiser establishing its value may be required. The Purchaser is responsible for cost of Appraiser’s Services. Do Not Hire An Appraiser Until Advised To Do So By The Division Of Real Estate.

Vacant Land for Development Purposes

The following is required:

  • An applicant must provide sketch with dimensions, detailed cost estimates, and financial plans sufficient to erect and maintain a structure
  • Provide verification of current source(s) of income (recent pay-stub, W-2, tax return, etc).
  • Submit evidence of the financial ability to meet the budget in the form of three (3) most recent monthly bank statements, line of credit, or letter of commitment or intent to finance the proposed project from a recognized financial institution.
  • An appraisal of the property from a licensed real estate appraiser establishing its value may be required. The Purchaser is responsible for cost of Appraiser’s Services. Do Not Hire An Appraiser Until Advised To Do So By The Division Of Real Estate.
  • All required permits and approvals must be obtained by the purchaser.
  • The specified structure must be erected on the premises within twelve (12) months from the transfer of title

Vacant Lot Adjoining Existing Structure

The following is required:

  • Detail proposed land use
  • Submit copies of paid receipts of tax, water, sewer, and user fees for all property owned in the City of Buffalo
  • Provide verification of current source(s) of income (recent pay-stub, W-2, tax return, etc).
  • An appraisal of the property from a licensed real estate appraiser establishing its value may be required. The Purchaser is responsible for cost of Appraiser’s Services. Do Not Hire An Appraiser Until Advised To Do So By The Division Of Real Estate.