Typical home sale schedule

A sample schedule for the purchase of a home through Teton Valley Housing follows.

Weeks 1-2       Lottery open

§  Email regarding available units goes to list of interested buyers

§  Open house held so that potential buyers can see the homes offered for sale

Week 3            Lottery prepared and run; Lottery results and application invite sent

§  Randomized drawing held to determine order homes will be offered to buyers

§  Top 5 lottery entrants are notified of their position (1-5), remaining applicants also notified that they are not in the top 5

Week 4            Full verification information submitted

§  Entrant has a week to submit any requested supporting documentation

Week 5            Review applications

§  Applicants of approved applications

§  Applicant households will be scheduled for a home tour and a meeting for document review, typically including:

-        Steps in the process and timeline

-        Ground Lease / Memo of Ground Lease and summary

-        Purchase & Sale Agreement (PSA)

-        CCRs 

Week 6            Individual meetings with applicants

§  Once meetings are completed, applicants have 5 days to sign the PSA

§  If #1 buyer chooses not to move forward, Teton Valley Housing will reach out to #2 on the list.

Week 7            Purchase agreement signed (closing 45 days later)

§  Signed PSA goes to title company and bank; earnest money delivered to title company.

§ Continued eligibility confirmed (income, employment, no residential real estate, primary residence); Teton Valley Housing will also confirm that buyers have money for down payment and closing costs.

Week 7-11      Contingency period deadline (one month after PSA signed)

§  Contingency period

-        30 days to secure financing (binding mortgage)

-        30 days to complete inspection

-        30 days to get legal review

Week 13          Closing 45 days after signing of purchase agreement

§  After contingency period, closings will be scheduled with the Title Company and Buyer

§ Closing documents sent to Title Company

-        Ground Lease / Memo of Ground Lease / Ground Lease Rider

-        Warranty Deed

§  Walk-through with buyer (2 days before closing)

§  Title Company will record documents

§  Congratulations on the purchase of your new home!