Old West End home for sale for $7

Old West End home for sale for $7

TOLEDO, OH (WTOL) - For only seven dollars, neighbors could own a 8,000 square foot home in the Old West End on Collingwood Boulevard.

Right now, this is one of the most popular listings on Realtor.com. But before anyone starts pulling out their wallet, they have to know what comes along with it.

"People are calling from all over just saying, 'I am sending you seven dollars,' and I have to go, 'Oh no, wait, there is a little bit more than just seven dollars, it is a complete restoration plan,'" Judy Stone, a Danberry Realtor listing the property explained.

The pictures inside show how much work needs to be done.

The home was bought by the Lucas County Land Bank four years ago, but has been vacant for more than a decade.

"Our job is to take vacant houses like this one, make them livable again, make them occupied and put them in the hands of folks who are going to take care of them and do what's right for the neighborhood," President of the Lucas County Land Bank David Mann said.

Mann says this is their best listing right now, but don't expect it to be livable without putting in six figures worth of improvements.

The Land Bank won't leave the buyer hanging with everything with the help of the Old West End Association, the Land Bank will fund a new roof.

The Land Bank has sold 400 properties across Lucas County the past few years.

Mann says a big thing for them to hear from buyers is that they are committed to the neighborhood and the property.

"People step up, and they demonstrate that they have a good plan and they have the resources to tackle it, and almost every time, they do a good job," Mann said.

Buyers normally have six months to fix up these homes, but Mann says he realizes this will take longer than that.

The home went from being a large duplex, to housing five families at one time.

Stone says she believes this home has a lot of potential and prospective buyers should be excited.

"It's like Christmas because you're unwrapping the package to see what's underneath these tile floors," Stone said.

Stone says because the home is located in a historic district in the Old West End the value once it is fixed up could be higher than other neighborhoods.

On Realtor.com the home is listed as 5,330 square feet, but Mann and Stone say it is closer to 8,000 when all of the space, including the third floor, is added together.

Potential buyers cannot have been in housing court.

If someone buys the home this year, taxes don't have to be paid until next year, as well as no nuisance fines or water bills are carried over like other properties.

In order to get a tour of the home, Stone says you must have at least $25,000 in some sort of savings, retirement or other kind of account.

Once the renovation is finished, the Land Bank will bring in a third party to ensure the home is safe and livable.

Prospective buyers can contact Stone on her website.

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