The maximum resale price is calculated by the program. The home cannot sell for more than this price, but it can sell for less. Other concessions (closing costs, repairs, etc.) can be negotiated.
For Real Estate Agents - The Boulder Regional Affordable Homeownership Program
Real Estate Agents work with both buyers and sellers in the affordable homeownership program, most for a reduced commission of 1.25%. The majority of our program participants are first-time home buyers, so your expertise and support are greatly valued.
Buying and selling a home that is part of the Boulder Regional Affordable Homeownership Program is similar to most real estate transactions. However, there are a few differences that are highlighted below.
Price
Commission
The maximum resale price calculation usually includes a 2.5% real estate agent commission. Customarily this is split equally between seller’s and buyer’s agent. Your client may offer a higher commission if they wish, but they will be responsible for any payment above the amount added to the maximum resale price by the program.
30-Day Marketing Period and Fair Selection Process
All homes go through a required 30-day marketing period. During this time the home is advertised, and potential buyers visit the home. Sellers need to allow showings by appointment, hold open houses or both during this time. Buyers are required to visit the home. They may not enter the selection process if they have not.
At the end of the 30-day marketing period the Fair Selection Process is used to select the buyer. The household in the first position is given 24 hours to submit a contract to the buyer and their agent.
Inspection
Owners in the program must maintain their home in good, safe and habitable condition. Before a home is sold the program requires a home inspection. If the home does not meet the program standard the owner needs to make repairs, or the resale price will be reduced by the amount needed to make repairs.
Home inspections, by certified inspectors, are done during the sale process and there are two times an inspection can be completed; before the home is listed for sale (optional) and once the home is under contract (required). The inspection(s) is used to verify the home meets the program standard.
Closing
Closing on homes in the program is similar to any other closing. Learn more on the Home Sale Closing webpage.
Additional Provisions
All contracts must include the following text in the “additional provisions” part of the contract:
- Buyer understands this property is covenant restricted. The City of Boulder Homeownership Program will provide the Buyer with a copy of the Affordable Housing Covenant by the Title Deadline. Buyer has until the Title Objection Deadline to object to the Covenant terms. If Buyer has no objection, it is assumed Buyer agrees to all conditions of such covenant including limitations on resale and occupancy requirements.