Below Market Rate (BMR) Resale

Preparation for Sale: Sellers must ensure the property is in acceptable, saleable condition, addressing any deficiencies noted during the assessment. Home inspections and pest control inspections will be ordered and reviewed by MHA and its agent(s). This process can take up to 30 days depending on the condition of the property.

• Essential Repairs: Address any necessary repairs to bring your home up to current marketability standards. This includes fixing any safety issues including fixing leaks, repairing broken fixtures, and ensuring all systems (plumbing, electrical, heating) are functioning properly. 
• Cosmetic Enhancements: Make other cosmetic improvements to increase the home's appeal, such as painting and pathing walls, and updating fixtures, landscaping, and deep cleaning. Carpets over 7 years old must be replaced. 

Engage the Authority: It is encouraged to discuss your plans with the Authority early to ensure ample time for preparing, marketing, and selling your home. As the program administration, the Authority plays a very supportive role throughout the process, specifically:

• Site Visit and Condition Assessment: MHA will schedule a site visit with its real estate agent to assess the property's condition. MHA reserves the right to inspect the property and adjust the resale price based on the condition and required repairs. 
• Technical Assistance: Marin Housing Staff and Agents can provide general guidance on any work that may be needed to bring your home up to prevailing housing standards in preparation for sale. 
• Capital Improvements: If you need to make significant repairs and/or upgrades (e.g., kitchen remodels, new roofing, etc.), inform Marin Housing Authority in advance for approval to receive credit for these improvements in your resale price. 
• Additional Resource (as available): Depending on the availability of funds, Marin Housing may be able to provide low-cost financing options for low- and moderate-income BMR owners to assist with the rehabilitation. 

Notice of Intent to Sell: When your unit is in saleable condition, submit a written Notice of Intent to Sell your BMR property to Marin Housing. Marin Housing will confirm receipt with an acknowledgement letter, detailing the resale price and sales process, and introducing the BMR real estate agent. Any improvements made in coordination with Marin Housing to prepare the home for sale will be treated as a capital improvement.  

Listing & Buyer Selection: Work with the BMR real estate agent to sign the listing agreement. The property will be listed on the Multiple Listing Service (MLS) and other marketing channels deemed appropriate by Marin Housing. Then, a primary buyer and a backup buyer are determined from the lottery drawing, then shared with the seller. 

Execute Purchase Agreement: Work with your real estate agent to draft the purchase agreement, and ensure the agreement includes all necessary BMR program stipulations and resale restrictions. 

Inspections and Disclosures 

• Home Inspection, Pest Control Inspection, and City Resale Inspections will be ordered by the agent and paid for upfront by MHA or the agent, to be reimbursed by the seller through the close of escrow. 
• Order an HOA Resale Packet of documents for the buyer, with fees ranging from $400-$500. 
• Order a Natural Hazards Report for approximately $125. 
• Complete and provide necessary real estate disclosures to the buyer. There is no fee for these disclosure forms. 



Closing Process: Coordinate with the buyer, their lender, and MHA to prepare for closing, and ensure all required documents are ready and in order. Work with the buyer’s lender to finalize mortgage approval and secure financing. Attend the closing meeting to sign final documents and transfer ownership. This process can take another 30 days.