Participating Realtor® Information

Thank you for volunteering your services!

This page includes some additional information that we hope will be helpful for you.  

After you review this information, if you have any questions about working with sellers or about program requirements and procedures, please call us at 303-441-3157.

1.   List of Participating Realtors®

2.    Resale Process Chart

3.  Resale Procedures - Points to Remember

Contact with a seller

• Confirm ownership of an affordable unit, O&E or check with the City.

Contact with the Division of Housing

• Make sure you have a signed Intent to Sell form.
• A Coordinator will be assigned; provide Coordinator with signed listing agreement. 
• Set marketing period and lottery date with your assigned Coordinator.
• Make sure you get a copy of the Maximum Resale Letter so you can:
  • Confirm any capital improvements that will remain with the home
  • Confirm income limits for buyers
  • Confirm selection preferences for the home, if any
  • Confirm maximum resale price

Marketing Period

• MLS listing to include city website address and the home's webpage if there is one.
• Check listing on city's website, especially the URL for the home's webpage.
• Showings by appointment or two open houses - information needs to be on city website.
• Track who sees the home, only people who have seen the home can enter the lottery.
• Verify if interested buyers are already certified by the city (ask for preliminary certification letter).
• Provide interested buyers with information about qualifying with the city; if not already certified, remind them of application deadlines.
• Interested buyers who see the home must submit an Intent to Purchase form to the city.  The form should include contact information for the actual lottery day.
• Confirm lottery participants have submitted their Intent to Purchase to the city.

Contract requirements

• Check for any contingencies lottery winner may have (will be on preliminary income certification letter).
• Give winner 24 hours before moving to the next lottery person on the list.
• CO Real Estate Commission-approved form.
• Unless buyer agrees to fewer days, allow a minimum of 30 days to close.
• Inclusions must list any capital improvements that are portable i.e. appliances, ceiling fans, light fixtures, A/C.
• No more than $2000 earnest money; can be less.
• Title insurance to cover standard exceptions; city to be on title circulation list.
• CIC document review required.
• Closing services fee split 50/50.
• Prorate taxes on most recent mill levy.
• Liquidated damages if buyer in default.
• Include city's additional provisions listed below.
• Send copy of contract to city as soon as executed. 

Inspection

• City requires buyer to have an inspection.
• Copy of inspection summary to the city.
• Seller is required to rectify all inspection findings with the exception of minor cosmetic damage and items that are not to current code but function well and are not a safety hazard.
• Covenant provisions allow for resale price reduction if there are damages that seller refuses to rectify.
• Send copy of inspection resolution to city.

Closing

• City needs GFE from buyer seven days prior to closing.
• City needs five days notice if closing date is changed.
• City will provide title company new covenant, memo of covenant, $10 note and deed of trust, release of prior $10 deed of trust and title instructions.
• Final buyer certification sent by city after reviewing financing terms.

 Contract Additional Provisions 

Buyer understands this property is covenant restricted and that the Covenant is available from the City of Boulder's Division of Housing upon request.  Buyer has until the Title Objection Deadline to object to the Covenant terms.  If Buyer has no objection, then it is assumed he/she agrees to all conditions of such covenant including limitations on resale and occupancy requirements.

Buyer reserves the option to modify the type, rate, points and fees, and/or amount of loan upon further consultation with Buyer's lender of choice.  No such modification shall cause alteration in any way of funds due to Seller on the dates specific herein, or the ability of Buyer to qualify for financing.

It is understood that the Seller will provide the Buyer with a clean unit upon delivery of the deed.  If the unit is left in disarray, or items not fixed, monetary compensation may be given to the Buyer out of the Seller's proceeds in an amount to be determined by the Division of Housing staff.

Last Updated on Wednesday, 27 March 2013 11:46