Resale Information
1. Notify Your Program Administrator
To begin the resale process, you must submit a formal notice of intent to sell to your program administrator (HouseKeys).
2. Home Appraisal and Price Determination
Depending on your program, the resale price may be set:
Based on a fixed formula outlined in your deed restriction,
Tied to changes in Area Median Income (AMI),
Or capped based on your original purchase price plus approved capital improvements.
HouseKeys will guide you through this process or arrange for an appraisal, if needed.
3. Marketing the Unit
HouseKeys is responsible for marketing the home to eligible buyers alongside a seller’s agent, should they choose to retain one through a lottery or direct application process. This ensures the next buyer meets income eligibility and all program rules.
4. Buyer Selection & Qualification
Interested buyers must:
Submit required documents (income, household size, etc.)
Be income-eligible
Qualify under the program eligibility guidelines.
Once the buyer is found and certified eligible, we will notify you, and the buyer will then proceed with the purchase.
5. Escrow & Closing
Once the buyer is approved, the process moves into escrow just like a standard home sale—but with additional documentation to preserve affordability, such as:
Signed resale restriction, city deed of trust, and city promissory note
Program approval of final sale documents
6. Final Compliance & Reporting
Before closing, HouseKeys verifies that everything complies with the BMR program. After the sale, final reports are filed, and any affordability restrictions are transferred to the new owner.
IMPORTANT NOTES:
The timeline for a BMR home to sell will vary. Refer to your resale restriction for the resale timeline.
Your sale price is restricted and may be significantly below market value.
You may need to pay back any shared appreciation or assistance loans (like Down Payment Assistance Loans).
Only approved Buyers that meet the Program Eligibility Criteria can purchase your home (e.g., they don't exceed income limits, they meet minimum and maximum occupancy standards, etc.). The Program criteria can vary by city, typically requiring the buyer not to own a home in the last 3 years.
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If your resale calculations are based on AMI ( Area Median Income), the calculation is as follows:
County’s current median income where the property is located - County’s median income where the property is located at time of purchase = difference in dollars
Difference in dollars / County’s median income where the property is located at time of purchase = Difference in percentage
(1+difference in percentage) X Original Purchase Price = Max Resale Price based on AMI
For the current year’s AMI levels, click HERE.
For Historical AMI Data, click HERE.
Consult your resale restrictions for guidelines on your own price calculation.
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If your resale calculations are based on CPI (Consumer Price Index), the calculation is as follows:
NOTE: Consult your resale restriction for details on which CPI to use in the calculation. It will either be Housing, Owners' equivalent, rent of residences, or All Items.
Current CPI - CPI of original purchase month and year = Difference in CPI
Divide the difference in CPI by the original CPI of the purchase month and year = Difference percentage
(Difference percentage + 1) X Original Purchase price = Max Resale Price based on CPI
To locate the current CPI and historical CPI date, visit https://www.bls.gov/regions/west/news-release/consumerpriceindex_sanfrancisco.htm
If you are ready to begin the resale process, submit a ticket using the Formstack below.