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Realtor Guide to Affordable Homeownership Opportunities

Realtor Guide to Affordable Homeownership Opportunities

Realtors® 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 is greatly valued.

Differences Between Our Program and an Open Market Sale

Buying and selling a home that is part of the Homeworks program is similar to most real estate transactions. However there are a few differences that are highlighted below. We have developed a Realtor Program Guide to provide you with more details about buying and selling through our program (see the link on the right side of this page).

Price

The maximum resale price is calculated by the city. The home cannot sell for more than this price, but it can sell for less. Other concessions (closing costs, repairs, etc) can be negotiated.

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 city.

Open marketing period and fair selection process

A newly listed home must go through a 30 day open marketing period. During this time interested buyers look at the property, complete eligibility certification if still needed, and notify the city of their interest in buying the property. At the end of the 30 days the city coordinates a fair selection process from among the qualified buyers that have expressed interest in the property. The household in first position is given 24 hours to submit a contract to the buyer and their agent.

Inspection

The city will request a copy of the buyer's inspection. We may require the seller to fix items if we believe they fall under the covenant requirements that the owner agreed to when they purchased the home. The city’s request does not limit a buyer's ability to ask for corrections to inspection items outside of the city's requirements.

Realtor Referral list

We maintain a list of real estate agents on our website who are interested in representing our buyers and sellers. Many buyers and sellers refer to this list. If you would like to be added to this list, please complete the program orientation, then send your request and contact information to [email protected].

Equal Housing Opportunity logo

The City of Boulder, Division of Housing does not discriminate on the basis of race, color, religion, gender, age, national origin, disability, marital status, familial status, sexual orientation or military status in any of its programs, services or activities. For more information on legal notices and resources, visit: bouldercolorado.gov/housing/legal-notices

 

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