How do I sell my deed restricted home?
Please contact GVRHA (Lauren Woodyard) before listing your home to ensure that you are in compliance with your deed restriction. Each deed restriction is different and often times the small differences are found in the sales procedures. We will help assist you on if there are any specifications that need to be followed as well as help set up a timeline for potential buyers.
What is the general process for selling a deed restricted home?
Each deed restriction is different so connecting with the Housing Authority about how yours is set up is very important. A general overview of the process goes:
- Contact GVRHA to let them know you are selling your home so we can begin to accept applications for your property. Without expressed intent to sell we do not accept any applications for prospective buyers
- We will place the link to the listing on the GVRHA website and open applications up for the property you are listing as well as approve a listing price and let you know of how the process for listing your property will work.
- GVRHA will process applications for the listing and send the buyers a Certificate of Eligibility if approved.
- Buyers must submit their Certificate of Eligibility to place an offer on the home. Please note: IF THERE IS NOT CERTIFICATE OF ELIGIBILITY SENT OUT WITH AN OFFER THE OFFER CANNOT BE ACCEPTED.
- Offers will be presented to the seller and from there seller can determine which offer to accept.
How do I buy a deed restricted home?
Buying a deed restricted home starts with the owner of the home expressing intent to sell to GVRHA. From there we are able to accept applications. The application process can take up to two weeks depending on the complexity of the applicant. will review your application to ensure that you meet the deed restriction requirements. If the applicant meets the requirements of the deed restriction you will receive a Certificate of Eligibility and from there are able to submit an offer to purchase.
How do I know when a deed restricted home hits the market?
After a buyer expressed their intent to sell GVRHA sends out an email to our interested person’s list for ownership opportunities. If you are not already on that list please use the link provided to sign up: https://gvrha.org/ownership-interested-list/
What is a deed restricted property?
A deed restriction is a document that is recorded against the property and runs with the property that ‘restricts’ the use of the property to the covenants listed in the document. The majority of the deed restrictions (reminder: these vary from home to home!) have some elements of working in the community, not using your home as an investment property, having an appreciation cap for how much someone can sell their property for, and working with GVRHA to ensure that the property stays in compliance with the deed restriction.
What authority does the housing “authority” actually have?
GVRHA is a multi-jurisdictional housing authority engaged with Gunnison County, City of Gunnison, Town of Crested Butte, and Town of Mt. Crested Butte, and has been granted authority through an intergovernmental agreement to oversee the sale and compliance of deed restricted properties in those jurisdictions. . If a homeowner is out of compliance, it is our duty to the governing entities to notify the owner and the jurisdiction, and negotiate a solution to any noncompliance issues between the owner and local jurisdiction.
What is an AMI?
AMI stands for Area Median Income. These numbers are not determined by GVRHA, but by HUD’s (United States Department of Housing and Urban Development) data of what the average family income in the prescribed area is. AMI is used by GVRHA to determine the income point that each applicant can qualify for as well as pricing suggestions.
What happens if you are in violation of your deed restriction?
We then let you and the governing jurisdiction know that you are in violation with a list of cures that you will be able to perform. If you are unable to or unwilling to cure the violation you potentially will be asked to sell your home.
How do deed restrictions help the community?
Deed restrictions help to preserve housing for all income levels within the community. The idea is to ensure that all people of all different backgrounds are able to purchase a home in a community that is constantly decreasing the amount of affordable options.
What happens if I qualify for a deed restriction but then my income increases?
Nothing! You are encouraged to grow and improve your life situation, and should not be penalized for that. We qualify at the time of application and then each year go through a monitoring process to ensure that you are still meeting the requirements of your deed.
Is there a special REALTOR® I can talk to?
All REALTORS® are options for anyone looking to buy or sell! Lauren Woodyard is our in house resource that can help you and your realtor navigate this process better. She is also a licensed realtor and can work with you directly to ensure your property sells according to deed restrictions requirements.
Can I use my deed restricted property as a rental property?
No, deed restricted properties cannot be used as rental properties. Some deed restrictions can have a long term renal element to them, but please consult with GVRHA before having a renter. Long term renters are allowed under certain circumstances, and need to be approved by GVRHA before implemented. Deed restricted owners are allowed to have roommates so long as the original purchaser is using their home as their primary residence.