Here are the requirements:
Pre-Purchase Phase
· Buyer inspects the property. Contact Jeremy Peterson at 801-390-1480
· Buyer submits application to Ogden City. Deadline is Monday, December 1, 2008.
· Ogden City screens applications and conducts a drawing on Tuesday, December 2, 2008.
· Buyer has ten days after notification to provide verification to Ogden City of ability to provide cash, in-kind, or financing of at least $235,000.
· Buyer’s architect or approved designer prepares preliminary work specifications.
· Buyer’s contractor prepares cost estimate. Buyer may not act as their own general, unless the buyer is a licensed general contractor.
· Buyer obtains an after-rehab property appraisal.
· Buyer and Ogden City will negotiate a deadline for submittal of preliminary plans and estimates.
Purchase Agreement Phase
· Buyer and Ogden City negotiate final rehabilitation work plan.
· Builder prepares final specifications and cost estimate.
· Buyer provides Ogden City verification of ability to obtain financing package.
· Buyer and Ogden City enter into purchase contract. Purchase price will be $35,000. Of that amount, $15,000 will be paid to Ogden City at closing, and $20,000 will be carried back by Ogden City as a second mortgage with monthly payments over 10 years with 3% annual interest rate.
Construction Phase
· Buyer closes purchase of home.
· Buyer closes construction loan.
· Buyer obtains approval of work by Ogden Landmarks Commission.
· Buyer enters into construction contract. Buyer may not act as their own general, unless the buyer is a licensed general contractor.
· Builder completes the rehabilitation contract.
Owner-Occupancy Phase
· Buyer closes permanent, long-term financing.
· Buyer completes rehab work plan items not required for occupancy, according to the negotiated construction schedule.
Contact me with inquiries. 801-390-1480
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