Wesleyan Houses Advanced Purchase Program (APP)

 

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 faculty

2.  Full time librarians and other staff

3.  Faculty in the early retirement program and retired faculty

 

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 realtor.

 

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 so on.

 

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.