|
Home >
New Faculty Housing >
Direct Sales >
757 College Avenue
Frequently Asked Questions (FAQs)
Direct Sale - 757 College Avenue, Palo Alto
- Who is eligible to purchase a leasehold interest in this Direct Sale?
- If I currently have a deposit or a contract on a single-family home in another FSH Housing
Lottery or Direct Sale, am I eligible to participate in this Direct Sale?
- Do I have to attend a house tour in order to be eligible?
- How can I purchase a leasehold interest in this Direct Sale Home?
- Can I use a realtor?
- How is the purchase price determined?
- If I own a condominium do I have to sell it?
- Are there community rules and regulations?
- Is there a Homeowner Association (HOA)?
- Who takes care of my landscaping and the maintenance of my home?
- Is the home part of a larger planned development?
- Is there a home warranty and customer service program available?
- Is the lessee responsible for any portion of the property taxes?
- Where can I get more information about the University's housing assistance programs and the
purchase process?
- Why are the measurements estimates?
-
Who is eligible to purchase a leasehold interest in this Direct Sale?
The home is for purchase only by eligible faculty. See the
Eligibility section on the Direct Sale
Overview for more details.
-
If I currently have a deposit or a contract on a single-family home in another FSH Housing Lottery
or Direct Sale Home, am I eligible to participate in this Direct Sale?
No. If you currently have a deposit or contract on a single-family home in another FSH
Lottery Sale or Direct Sale, you would need to withdraw from that lottery or direct sale to be eligible.
This rule does
not apply to participants who have a deposit or a contract on a condominium
home in another FSH Lottery Sale or Direct Sale.
-
Do I have to attend a house tour in order to be eligible?
Yes. However, if you are unable to attend in person, you can designate a delegate to tour the home as long as it’s prearranged with FSH staff. A house tour is required prior to submitting the Purchase Offer Packet.
-
How can I purchase a leasehold interest in this Direct Sale Home?
This home is being sold via Direct Sale on a “first come first served” basis to Eligible Faculty
who “Submit an Offer; that is accepted, and “Complete the Purchase” as described in the Direct Sale
process section of the website for the Direct Sale of this home.
Purchase Offer Packets received by email, up to the
Purchase Offer Submission period (8:30 a.m. on the day the Submittals are due, or concurrently at
any time during the submission period), will be considered by FSH as having been received at the
same time, and will be subject to a random-number generated drawing (i.e., “Lottery”) to establish
a ranking of the Concurrent Buyers. All Concurrent Buyers will be notified if there are multiple
Purchase Offer Packets and a drawing is necessary.
-
Can I use a realtor?
Yes, you can use a realtor. However, an agent is not required and the University will not pay a real
estate commission.
-
How is the purchase price determined?
The price for the home is based upon an independent appraisal. The price reflects the home’s Market Value
based on comparable home prices available in the marketplace, adjusted for the restrictions in the ground
lease.
-
If I own a condominium do I have to sell it?
No. However, a leasehold interest purchased must be the Lessee’s principal place of residence.
Additionally, an Eligible Person may use the University’s housing purchase programs for only one property
at a time.
If the condominium must be sold to meet underwriting requirements:
- The condominium must be listed for sale within 30 days of the new home selection;
- The condominium must be under contract/in escrow within 90 days of the new home selection; and
- The condominium must close escrow before the new home purchase has closed escrow.
-
Are there community rules and regulations?
No.
-
Is there a Homeowner Association (HOA)?
No.
-
Who takes care of my landscaping and the maintenance of my home?
Lessee.
-
Is the home part of a larger planned development?
No.
-
Is there a home warranty and customer service program available?
Yes. The home in this Direct Sale is sold “as-is” in its present condition. However, copies of a seller
purchased limited home warranty will be available for review prior to any purchase. California law requires
that certain information be provided to all home buyers prior to the completion of the purchase
transaction. This information, which must be in writing, is referred to as the disclosure documents. The
disclosures cover many aspects of the property and differ by property type. The disclosures are important
documents, which should be reviewed carefully by a potential buyer. Direct Sale participants will have
access to documentation regarding property condition.
-
Is the Lessee responsible for any portion of the property taxes?
Yes. Lessee is responsible for 100% of all property taxes. The County Assessor determines the value on
which the taxes, fees and assessments are charged. Current information is that the fair market value (not
the purchase price) will be the basis for property taxes.
-
Where can I get more information about the University's housing assistance programs and the purchase
process?
Visit the Faculty Staff Housing website at fsh.stanford.edu,
which provides details about purchasing a home, including applicable financing programs.
-
Why are the measurements estimates?
The area measurements that are contained in any documentation provided by the University are estimates
only. They were not actual measurements, but derived from appraisals, plans, and other documents relied
upon by the University. The actual measurements may differ. Varying methods of measurement may have been
used. Buyer should not rely on any of these estimates in making a decision to buy the property.
(top of page)
Important Notice
Nothing on this site or in the documents it contains should be construed
as an offer or commitment of any kind. Programs and eligibility requirements
can be changed or discontinued without notice. |
|
|