The ownership of many properties on this website is shown as “held for resale.” All of those properties are owned by the nonprofit Danville Rehabilitation and Housing Authority (DRHA) serving as a land bank. A land bank is not a bank in the usual sense of the word. A land bank (DRHA in our case) acquires, manages, maintains, and rehabilitates vacant, abandoned, and foreclosed properties in order to return them to productive use.
A few of the properties have already been rehabilitated and are move-in-ready. Some have had exterior stabilization and are deemed ready for completion. Many “held for resale” properties have been the subject of an architect’s review and are called fixers with report. Those architectural reports are available to prospective purchasers on request.
The City of Danville, DRHA, and Friends of the Old West End are active partners in the fight for blight eradication in the Old West End National Historic District. Most of the “held for resale” houses are vacant and have been so for many years, some 15 years or more. Their integrity was threatened by absentee landlords and the lack of maintenance.
All held for resale properties are offered “as is.” Purchasers must personally inspect the property and arrange any and all other inspections desired (home inspector, architect, engineer, contractor, etc.) before making an offer. Contingent offers (other than a mortgage contingency for pre-approved borrowers) will not be accepted.
Because the goal is rehabilitation of structures and revitalization of the Old West End National Historic District, “held for resale” properties will be subject to restrictive covenants. The purpose of the covenants is to assure that the properties are rehabilitated in an agreed-to amount of time and occupied by the purchaser. A sample of covenants for a single family property can be found here. Duplexes would have similar covenants with the purchaser obligated to reside in one half of the property. Appropriate covenants for other multi-family buildings will be determined on a case-by-case basis.
For showings, offers to purchase, or additional information about Old West End properties held for resale, please: