Realtor Buys First Home Through Land Bank

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Realtor Buys First Home Through Land Bank

With his knowledge of the local market and expertise in negotiations, real estate agent Ryan DeLuca can spot a hidden-gem home with strong potential to grow in value. Feeling limited by traditional home sale channels in his own home search, DeLuca turned to the Cuyahoga Land Bank. A friend had recently purchased a home through the Cuyahoga Land Bank and highly recommended he look at the homes for sale in its inventory. That’s where the 30-year-old first-time homeowner found his two-bedroom, one-bath fixer-upper on Priday Avenue in Euclid.

He purchased the home through the Cuyahoga Land Bank’s Deed-in-Escrow program in which purchasers are obligated to renovate properties to mutually agreed-upon standards and specifications. To assure compliance, the deed to the property is held in escrow until the renovation is satisfactorily completed. In DeLuca’s case, there was much work to be done before the home was move-in ready. He completely gutted the kitchen and bathroom, replaced all the plumbing and HVAC system, installed new windows, and added fresh paint and carpet throughout the home. He even demolished and rebuilt a two-car detached garage. DeLuca now lives in the house with plans of converting it into an investment property in the future.

While excited that he was able to complete renovations within a few months, he admits it was a lot of work. “Everything has been updated or replaced throughout the entire home,” he says. DeLuca is hard-pressed to pinpoint just one favorite thing about his new home. “Honestly, it’s everything. It is like a new construction home.”

He also speaks highly of his experience working with the Cuyahoga Land Bank. “The expectations were clear, and everyone was very prompt and responsive when I needed guidance throughout the entire process. They also checked in when they said they would, which completely held me accountable for finishing this project.”

“Buying a home through the Cuyahoga Land Bank was a great learning experience, and it gave me the opportunity to own a home outright for an affordable price,” says DeLuca.  “I would recommend this approach to home ownership to anyone.”