I Was Selected In the Lottery
You now have the option to purchase a home! Keep in mind that the next three months will involve paperwork, meetings, and moving so make sure your schedule is open.
Visit the House
Within five business days after we notify you of your option to purchase, you will tour the home. Be sure to read the deed restrictions and CC&Rs. You will not need to make your decision of whether to purchase the home for a couple more weeks.
You also have five business days to complete the application so Jackson/Teton County Affordable Housing (Housing Department) can verify that you are eligible to purchase. It takes the Housing Department up to a week to qualify you to purchase.
Once we verify that you are qualified to purchase, you will have five business days to review the contract. The contract outlines the sales process. You will give $1,000 earnest money when you sign the contract, which will go towards the purchase. This is when you will make your final decision of whether to buy the home. Once you sign the contract, you are bound. The contract will give you 45 days to close.
Talk to Your Banker
Once you are under contract, you will work with your lender to finalize your loan. Your lender will also order an appraisal. There are some costs not included in the sales price of the home such as closing costs. These are usually about 2% of the sales price.
The Housing Department hires an inspection as part of our program to ensure the home is adequately maintained. All buyers are encouraged to hire their own inspector. This step is important, as once you own the home, it is you – not the previous owner or Housing Department – who is responsible for making repairs. An inspector can detect issues that you can request the seller to fix before you take ownership.
This is the day where you will sign papers to take ownership of the home. Your lender will inform you of the amount of money you need to bring to closing. The signing normally takes place at a title company. Your lender, a Housing Department representative, and a closing agent from the title company will be present at the closing. The closing agent will collect all the funds and give them to the appropriate parties after closing. The Housing Department will facilitate the sale and help you through every step. The closing date is called out in the contract and is normally on or before 50 days from the date of the contract.