The Housing Authority of Lincoln County announces the sale of scattered site houses located throughout the county, from Waldport to Neotsu. It is the intention of the authority to take revenues generated from these house sales to purchase or build one-bedroom, affordable units to help satisfy the high demand reflected on the agency’s one-bedroom waiting list.
The authority’s mission is to provide and preserve affordable housing units in Lincoln County. Given the diversity of the available units and number of people on the waiting list, as well as other rental unit inventory available in the county, one-bedroom affordable units are in high demand because there are so few.
About the houses being offered for sale
Each house has a minimum price offer, ranging from $210,000 to $323,500, based on a 2020 real estate appraisal. Houses will be offered in three groups, with the first group beginning mid-February with an offer deadline around mid-March. The first group will include six to eight houses.
Addresses of additional houses to be offered in the second group will also be provided. Only houses in the specific first group will be shown by open house or appointment. The second group will be offered shortly after closing of the first group.
Each house is unique, with many variables. Open houses and opportunities for private showings will be advertised so potential buyers can explore each available house for sale in a group. Most houses are three bedrooms, one bath, with some exceptions. These houses were rentals and, as such, are sold in “as is” condition. Buyers are responsible for all inspections and due diligence to determine if the house is acceptable for financing and/or occupancy.
Opportunity for buyers and buyer qualifications
Interested buyers should understand the agency’s intention in selling these houses is to create affordable house sales for those first-time buyers or moderate-income households that are priced out of the existing market. To satisfy this goal, the housing authority has set two classes of potential buyers:
• Preference buyers who must qualify by earning preference points. One point is awarded based on documentation submitted of eligible earnings (80 to 120 percent of area median income, figure set by HUD); verification would include a 2020 tax return or income verification from a lending institution. One-point for documented first-time home buyer, certificate of eligibility for state housing program, verification of training. A maximum of two preference points can be associated with an individual offer. The preference buyer with the most points and highest offer will be awarded the purchase.
• Community members are encouraged to submit an offer. Buyers not eligible as preference buyers are designated as traditional buyers with the following conditions: only if there is no preference buyer house offer submitted will private traditional buyers be considered. A traditional buyer offer is contingent on the highest offer submitted on authority forms, earnest money included and a pre-approved lending institution letter verifying cash available or mortgage approval for purchase offer.
All buyers must use standardized forms provided by the housing authority regardless of whether they choose to work with a real estate agent or not. Failure to use these forms will disqualify the offer submitted. Buyers must provide proof of lending approval or cash deposit for the amount of offer presented on a specific house, enclose earnest money of $1,500 in a cashier’s check or money order made out to housing authority and submit an offer prior to the deadline for the house group.
Additional information regarding the offer process, open house schedule and private showings is available by calling Debra Jones at 541-265-5326, ext. 305, Monday through Friday, from 8 a.m. to 5 p.m.