MOUNT VERNON — On Friday, the board of the Knox County Land Bank accepted a purchase offer from Bargain Homes LLC for 304 E. Ohio Ave. The sale price is $1,500.
Land Bank President Jeff Gottke said that Bargain Homes will invest $118,000 into rehabbing the house. The plan is to resell to an owner-occupant. Bargain Homes has six months from the closing to complete the renovations.
In October, the board rejected an offer from Bargain Homes because of some of the conditions included in its proposal. Gottke said Bargain Homes changed some of those conditions, which made the current offer more attractive.
The land bank acquired the house in August through the Board of Revision. Gottke said the land bank will lose money on the transaction as the land bank spent close to $3,000 to clean out the house and for maintenance.