Piazza & Associates Inc.
 

Policy Update to Item #5

"We reserve the right to limit the number of notices that are mailed, based on the chronological order in which the prequalified applications were received. If the notices are limited in this way, applicants receiving notices will have a priority over those who do not."



 

Piazza & Associates, Inc.

Princeton Forrestal Village
   216 Rockingham Row
   Princeton, NJ 08540

t.609.786.1100
f.609.786.1105

Info@HousingQuest.com







Process for Selling an Affordable Home
  (Outline)

Our organization coordinates certain aspects of the sales process for affordable homes on behalf of designated municipalities.  We are not real estate agents, however, and recommend that Sellers use of a qualified real estate professional.   The process is outlined below.

  1. The Seller submits a Preliminary Notice and Request for Maximum Sale Price (MSP).

  2. We will respond to the Seller in writing, explaining some of the details of the process and informing the Seller of the MSP.

  3. The Seller then submits a Final Notice of Intention to Sell.

  4. We will respond by sending 10 copies of Preliminary Applications, specially marked with the address of the affordable home at the top.   

  5. We will also send a “Notice of Availability” to households on our municipal waiting list for an affordable home of the same size and income category.  The Notice will ask interested households to contact the Seller or their agent, directly, to make an appointment to see the affordable home within a two-week time frame.  The Seller may want to prepare a flyer for us to distribute with our notice of availability. We reserve the right to limit the number of notices that are mailed, based on the chronological order in which the prequalified applications were received. If the notices are limited in this way, applicants receiving notices will have a priority over those who do not.

  6. The Seller or their agent may also want to advertise.  Ads should include the “Equal Housing Opportunity” logo and should be sent to our office for review prior to distribution.

  7. The Seller or their agent, upon showing the home, provides potential buyers with a copy of the Preliminary Application (which may be duplicated if necessary). 

  8. At the end of the two-week time period, our office collects all of the Preliminary Applications submitted for a particular home.  They are prioritized on the basis of a blind selection process or waiting list, depending on the municipality.  Preference may be given to households that can utilize all of the bedrooms, as well as handicap accommodations, when applicable.

  9. The first applicant or two on the prioritized list is sent a letter which requires them to complete a final application within seven days.  A copy of this letter is sent to the Seller or their agent.

  10. The remaining applicants are maintained on the waiting list for this home or other homes in the same size and income categories.  In the event that the potential buyer is not able and/or willing to purchase the affordable home, the next applicant on the prioritized list is notified pursuant to the process described above.

  11. A copy of the Sales Contract must be submitted to our office prior to closing. The terms of the contract (e.g., closing dates and mortgage contingencies) should be reasonable to both buyer and seller.

  12. During the final stages of the process, it will be necessary for the Buyer to make arrangement for the Affordable Housing Agreement, Mortgage and Note to be satisfied with respect to the Seller and new documents filed with respect to the Buyer.  Our office typically provides the Buyer’s attorney with the name and phone number of the attorney who can address these issues.

  13.  A copy of the HUD Closing Statement must be submitted to our office.

  14. This outline is meant to describe the process utilized prior to the expiration of the deed restrictions.  It is not meant to be a legal representation of the rights or responsibilities of any party, nor is it meant to modify the Affordable Housing Agreement, Mortgage Note or other Deed Restrictions.  Buyers and Sellers are encouraged to seek legal counsel for specific questions in this regard.

  15. Our office is available to both the Seller and the Buyer throughout the process to answer any questions that they may have.

Questions? E-MAIL us at: HousingQuest@cs.com