701 N Union St, City of Olean

Purchase Process

Abandoned or foreclosed homes are acquired by the land bank and assessed for potential renovation. They are secured, appraised in “as is” condition and a scope of work is completed by a qualified Construction Technician. Interested buyers, do-it-yourselfers, investors, or development companies can submit their plans for review using the Property Purchase Application (Investors and Developers) or Home Buyer Application (properties for personal use).  The Buyer will have 12 months to complete the Scope of Work or the Property will be reverted back to the Land Bank.  All proposals are reviewed by the Cattaraugus County land Bank Board of Directors, and the proposal which best aligns with the mission of the land bank, and shows the best overall reinvestment and outcome for the home is generally chosen for approval of a negotiated sale.