Wesleyan Houses Advanced Purchase Program
The Advanced Purchase Program was established to give
eligible faculty and staff a chance to buy Wesleyan-owned houses when the
houses are no longer required for University use. Houses purchased under
this program must be the primary residence of the buyer for at least two
years after purchase. Priority access to the APP is given in this order:
1. Full time faculty who are not visitors or retired
2. Full time librarians and other staff
3. Faculty in the early retirement program and retired
How the program works:
The University will send out an announcement to all
eligible faculty and staff listing the houses available through the APP. It
is anticipated that no more than three to five houses will become available
at any one time.
Each house will be priced at the fair market value.
During the APP period the sale price will not be negotiable.
Houses will be sold in as is condition.
The University will schedule open houses at available
properties. The open houses will be hosted by a local, licensed realtor
working for Wesleyan. Interested buyers are encouraged to engage their own
All eligible faculty and staff will have 30 days
following the last open house to submit a signed offer to purchase the
property and demonstrate the ability to close on the property within 90
days. All names will be drawn and the order recorded based on the priority
listed above. If there is more than one offer on a house, names will be
drawn from a hat to determine who gets the property. If the #1 draw
withdraws his/her offer to buy the house, it will be offered to the #2 draw.
If the #2 draw still wants the house, it will be his/her. However, if the #2
draw is no longer interested, the house will be offered to the #3 draw, and
Either a Wesleyan mortgage or a mortgage from another
source may be used to finance the purchase. Houses may also be eligible for
renovation loans under the University’s Renovation Loan Program or through
other low-cost state or federal programs.
Houses not purchased during the APP period:
If there is no offer on a house during the APP period
it will be listed with one or more local realtors and sold to the buyer who
makes the best offer as determined by Wesleyan. Any interested party may bid
on the house once it is on the open market.
It is possible that a house will sell below the fair
market value once it is offered on the open market.
Some houses may be sold with the agreement that
Wesleyan has the right of first refusal upon resale of the house.
In some cases Wesleyan may sell a house, but retain
rights to the property on which it is located.
If you have questions about the program please call the
Manager of Rental Properties at 685-3758.