Selling Your Affordable Home
Affordable and Employment-based home sales are facilitated by the Housing Department and are sold through a Lottery Process. It takes approximately three months to sell a home unless a buyer cannot be found through the Lottery Process (very rare).
Step 1 - Letter of Intent to Sell
Submit a Letter of Intent to Sell - Affordable or Employment Based to the Housing Department. The Housing Department will email you to set up a meeting for the next step. You will also receive a Property Disclosure form to complete and submit to the Housing Department. Depending on the Restrictions, the Housing Department may need to do a preliminary inspection at this point.
Step 2 - Housing Department & Seller Meeting
Meet with the Housing Department to sign a facilitation agreement. If you have any improvements that you have made to your home, you may be able to receive some credit at the time of selling. Bring the receipts to this meeting along with the completed Property Disclosure Form.
This meeting will need to be no later than Friday at 2 in order to advertise in the paper and start the Lottery Process the following Wednesday.
Step 3 - Third Party Inspection
The Housing Department will hire a third party inspector to do an inspection on your home. You will receive a copy of the Inspection Report with a list of items (if any) that will need to be completed, repaired, or replaced before the final inspection.
Step 4 - Lottery Process
The Lottery Process begins on Wednesday and goes for two weeks. The Housing Department normally receives the Lottery Results (drawn by outside counsel) by the following Monday after the lottery ends.
The first household chosen in the lottery will be notified immediately.
Step 5 - Finding a Buyer
The household chosen first will have seven days to see the home and submit a complete application. As the seller, you will be expected to show the home during this seven day period. If the household chosen first decides not to go through with the purchase, the Housing Department will notify the second household, and they will also be given seven days and so on until a buyer is found.
Normally, the first household chosen will purchase the home, but there have been times when we have gone through several.
In the event all of the households that entered the lottery are not qualified or choose not to move forward, the seller can choose to move to First Come First Served and/or potentially lower their asking price. First come first served means that any household who qualifies can purchase the home if they are the first to submit an application.
Step 6 - Going Under Contract
It can take up to a week for the Housing Department to qualify the buyer. Once they are qualified, they will have seven days to review the contract and sign it. Once it is signed by the buyer, the seller receives it and signs it. The closing will be held on or before 45 days from the date the seller signs the contract. This provides some flexibility with the closing date, while still allowing time for inspections, an appraisal, and financing to be in place.
Step 7 - Final Inspection
The sellers are required to be moved out of the home three business days before closing. The home must be deep cleaned and ready for the new owner with all inspection items completed. Please view the JTCAHs Housing Department Expectations at Final Inspection. Please remember that a home is the biggest purchase most families make. It is standard real estate practice for the Seller to present a professionally cleaned home to the new owners at closing.
Even if a home is Affordable, this standard still applies. To ensure that homes in the community's Affordable Housing Program are well maintained for use by many generations, it is the responsibility of the Housing Department to confirm at closing that the home is adequately maintained, professionally cleaned, and respectfully presented to the new owners.
If the Housing Department finds items that were on the Inspection Report that were not completed or cleaning that was not done, you may be charged at closing and a credit given to the buyers. Also, if the Housing Department is required to make a second trip for the final inspection, a $50 fee will be charged to you.
Step 8 - Closing
Your closing will take place at the Title Company that was called out in your contract and provided the Title Commitment for Title Insurance.
The Housing Department will make arrangements for you to transfer the keys and any garage door openers and warranty information for your home to the new owners. Possession of the home by the new owners takes place on the day of closing once the papers are signed, money is transferred, and documents are recorded.