The general information contained herein is intended to provide a brief overview of the buyout process and outline some of the guidelines within the program. It is not intended to be an all-encompassing guide to the acquisition-buyout program with the Village of Machesney Park, Illinois.
- Please remember at all times that this program is voluntary. Under this program, you will not be forced to sell your home.
- You may choose to drop out of the program at any time prior to accepting an offer for your property.
- Should you drop out of the program, you may not be reconsidered under any future program that the Village may offer.
- Each program has its own set of eligibility requirements and the criteria for the property buyout is set by the funding agency, be it federal or state, in determining the purchase value of your property. The Village must abide by the purchasing criteria outlined by the funding agency.
- After completing the Notice of Voluntary Interest forms your property will be added to a waiting list and considered as additional funding becomes available. Completing the NOVI forms does not guarantee your property will be purchased, and the list is not first come-first serve.
- The Village will hire a certified appraiser to complete an appraisal on your property to determine the value based on the criteria outlined by the grant.
- Once the appraisal is complete, the Village of Machesney Park will forward the appraisal to the granting agency for certification.
- Once the appraisal is approved by the agency, the appraisal is returned to the Village. This approved value will then serve as the basis for the buyout offer.
BUYOUT OFFER AND ACQUISITION AGREEMENT
- Once the Village of Machesney Park receives the approved appraisal they will prepare the buyout offer letter and acquisition agreement.
- You have three options once you receive this letter and agreement:
- You may accept the buyout offer, sign the agreement, and return the document to the Village of Machesney Park.
- You may reject the buyout offer and drop out of the buyout program.
- You may contest and appeal the buyout offer based upon the appraisal value and hire a certified appraiser at your own cost.
3. The consequences of each option are given below:
- If you accept the offer and return the signed agreement to the Village of Machesney Park, the Village will complete a title search, obtain final payoffs, and assemble all required documents prior to scheduling a closing date.
- If you reject the offer, your involvement in the buyout program will end. You may not be allowed to participate in any future programs.
- If you contest the buyout offer, you may hire and pay for your own certified appraiser. This appraiser must complete an appraisal using the same criteria as outlined in the grant. The new appraisal will be reviewed by the granting agency. If a revised offer amount is approved, you will receive a new buyout offer and acquisition agreement to reflect this new value. You then must either accept or reject the new offer. If the new appraised value is not approved by the granting agency, your buyout offer will not change – you will be offered the same amount as specified in your original acquisition agreement.
- Once you sign and return your acquisition agreement and a title commitment is received by the Village of Machesney Park, a closing date is scheduled.
- All residents must vacate the property prior to closing. No exceptions will be given.
- At the time of closing, the property title will transfer to the Village of Machesney Park.
- All mortgages and other liens must be paid off at the time of closing. Any remaining funds will be paid to the property / home owner at the time of closing.
- After closing on your property, the Village of Machesney Park must demolish all of the structures on the property.
- No salvaging by any individual may occur at any time.
- If items are removed from the property and their value was not deducted from the buyout offer, the property owner will be required to pay for those items.
If you have any questions about the buyout program please contact Michelle Johannsen with the Village of Machesney Park at (815) 877-5432 or firstname.lastname@example.org.
If you wish to sign up for the voluntary buyout program, please complete the below form and return it to Village Hall. Your property will then be added to the waiting list and considered as additional funding becomes available and based upon the requirements of the grant.