Selling an Affordable Home
Selling Your Unit
Below is an outline of the sales process:
- Inform the town of your intent to sell. This notice must be in writing and signed by all owners listed on the deed. Click here for downloadable Notice of Intent to Sell.
- Provide the town with copies of all receipts for review if you are requesting reimbursement for capital improvements. Please see documents for the capital improvement reimbursement policy and procedure. These receipts must be received by the Town before your Notice of Intent to Sell will be considered complete.
- The resale price is calculated in accordance with the formula in your affordability restriction. Generally, it is the purchase price + percentage increase in the area median income from
dateof purchase to date of sale + a 5% realtor’s fee +50% of costof capital improvements that are approved by the Town.
- After receiving the Notice of Intent to Sell, the town sends a letter (email is sufficient) stating that it has 60 days from the date you list the property, either through a realtor or a front yard "for sale by owner" sign, to find an eligible buyer for your property, providing the maximum resale price, and an explanation of the affordable housing program for you to give to potential buyers. You must inform the town of the date you list the property to start the 60-day clock running.
- During the 60 days, the town will arrange times with you or your realtor to show the unit to potential income eligible buyers. After a new buyer is selected, we recommend the current owner retain an attorney to assist with the sale. A purchase and sales agreement is drafted and a closing is scheduled between the owner and the new buyer.
- If the town has not been able to locate a buyer within the 60 days, the home may be
offeredto a non-income qualified buyer at the same maximum resale price. The deed restrictions are not affected by a sale to a non-income qualified buyer. This retains the home in the affordable housing program.
- You or your realtor may also try to locate an
income qualifiedbuyer during the 60 day period. If you locate a buyer who you think may be income qualified, the buyer’s income will need to be verified by the town’s nonprofit housing partner, the Davidson Housing Coalition. Please see documents for a copy of the application that you can give to a potential buyer.
- Send copies of all marketing material (photos, description, etc) that you would like to have included on the town’s resale page.
- Units must be free of all possessions and broom-clean at the time of sale. After the closing, the seller no longer has access to the unit.