The Advanced Purchase Program (APP)

This programs 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.    

 

Wesleyan's Current Houses Available on the Open Market:

No available properties at this time

 

How the program works:

The University will send out an announcement to all eligible faculty and staff listing the houses available through the Renovation Program. 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 based on the condition of the property. During the APP offering period the sale price will not be negotiable.

Houses will be sold in as-is condition subject to inspections by the buyer. Some houses in the APP may not be eligible for traditional financing due to their condition. Houses may not be habitable at the time of purchase and will likely require significant repairs and/or renovations by the buyer at his/her own expense. Houses may contain hazardous materials and/or conditions including, but not limited to, lead paint, asbestos, mold, and non-functioning building systems. Houses may have structural deficiencies and/or pests.  All repairs, remediation and renovations are the responsibility of the buyer.

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 and home inspector to become informed of the building conditions.

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.

The buyer is responsible to arrange for financing by any and all appropriate sources and must submit a pre-qualification letter for financing with the signed offer to purchase the property. Due to the extensive nature of the repairs, buyers will be provided with ample opportunity to inspect the premises before the closing on the property. Buyer is responsible for all inspection, repair and hazardous material remediation costs without exception. Houses not purchased during the APP period:

If there is no offer on a house during the APP period it may 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.

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.

Special procedures for Mt Vernon street houses that are offered through the APP - If there is no offer on a Mt Vernon Street house during the APP period it will be returned to the Wesleyan rental portfolio for eligible faculty and staff to rent.  The houses on Mt Vernon Street will not be offered to the open market and will be sold with the agreement that Wesleyan has the right of first refusal upon resale of the house.

Questions about the Renovation Program should be directed to the Facilities Office at 860-685-3400.