Ever since the city announced it would sell vacant properties for $1, the interest is turning out to be more than they anticipated.
The Land Bank of Kansas City said it's gotten more than 3,000 emails, calls, visits and inquiries since announcing the program a month and a half ago.
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On Monday, Land Bank employees discussed their progress with the program in a meeting with its board of directors.
The number one thing people need to remember, they say, is that the process is not as simple as many thought.
"At first, people brought in a dollar and expected to get a check for $8,500 right then," said executive director Ted Anderson. "It doesn't work like that. Folks are going to apply just like a regular process."
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The application process takes months. The potential buyer has to pass a background check and prove that they have the funds to renovate the property. They have to have a plan.
After the work is done, the city will give the new owner a check for $8,500.
The Land Bank has a small staff, so that adds to the wait time.
Anderson said another thing potential buyers need to remember is that the rehab is expensive.
"These houses need a lot of work. Somewhere between $30,000-$40,000 worth," Anderson said.
The first round of applications needs to be in by April 1. The Land Bank will start deciding who is approved to buy after May 1, when its new budget goes into effect.
Over 130 homes are listed for $1, but close to 4,000 more properties are in The Land Bank's regular inventory.
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Sarah Plake can be reached at sarah.plake@kshb.com.
