Realtors may represent buyers and sellers during the sale process of an affordable home but it is important to understand the affordable housing deed restrictions and the affordable housing application process.
There are two important articles that realtors should review:
- How is purchasing an affordable home different from purchasing a market-rate home?
- Can you provide me an overview of the steps involved in purchasing an affordable home?
Below are some important things for realtors to keep in mind:
- Realtors representing a seller of an affordable home administered by CGP&H should notify CGP&H via email to email@example.com. Please refer to the listing of ownership locations on Affordable Homes New Jersey to determine if the home is administered by CGP&H.
- Contracts of sale CANNOT be executed until the buyer has been income certified by CGP&H to purchase the affordable home.
- Realtors should not list the property on the MLS or on any other listing service. CGP&H will first market the home to all applicants who are on the waiting list to purchase an affordable home. The realtor will be notified if the waiting list has been exhausted. At that time, the realtor may list the home on the MLS.
- The list price of the home cannot be more than the maximum restricted sale price determined by CGP&H. Realtor fees CANNOT be added to the maximum restricted sale price for any reason.
- Realtors should notify CGP&H if the sale price is reduced so CGP&H can market the reduced price to applicants on the waiting list.
- CGP&H maintains waiting lists to purchase homes. The buyer is not selected via a first-come, first-served or highest bid process. All interested buyers must join the waiting list. Realtors can assist buyers with completing a preliminary application online at www.affordablehomesnewjersey.com AND joining the ownership waiting list for the municipality where the home is located. This link provides more information about how to apply. If an applicant is eligible to purchase a home and next on the waiting list, they will be emailed a listing for a home. They must click “Request to Visit” on the email and complete the short form. If eligible, CGP&H will refer them to the realtor and then work with the interested buyer during the income certification process.
- In most cases, the sellers are not represented by a realtor. If that is the case, there is no realtor commission for for realtors representing buyers. Buyers do not need a realtor to purchase a home. If they choose to work a realtor, the realtor must let them know in advance the cost of their services.