MARKETING REQUIREMENTS
Bylaws require that you market your home to low income homebuyers. Low income is defined as 80% of the area median income for the county in which you live. To see the requirements for your area, select your coop from the bar at the top and select the button labeled “Income Limits”
CONDITIONS OF SALE
Any open violations will need to be taken care of prior to closing or will need to become a condition of the sale (meaning the new owners agree to resolve any outstanding issues).
The Board of Directors may choose to inspect the home once you give notice and will inform you of any issues that will need to be addressed or become a condition of sale.
WOOD STOVES
Does your home have a wood stove? State law may require you to remove it prior to sale. Please see this page on the Oregon DEQ website for more information.
WHY USE AN ESCROW COMPANY
Using an escrow company (usually automatically done when working with a realtor) makes the process less stressful if you are unfamiliar with all of the ins and outs and helps to make sure all of these items are taken care of:
-Making sure prorations are accurate
-Making sure any property taxes and amounts owed to the cooperative are taken care of in escrow.
-Making sure there are no liens on the property and any and all vendors (if applicable) are paid.
-Making sure the title transfers to the new owners (a condition of membership)
If an escrow company is not used, both buyer and seller must go to the assessors office in person to get the taxes taken care of and the certification to sign off for the title transfer. Typically rent and taxes are prorated to the closing date.
BOTH SELLER & BUYER NEED TO SUBMIT THEIR BROKERS INFORMATION TO US ASAP
YOU CAN DO THIS HERE
COMMUNITY INFORMATION
We encourage all potential buyers to read the Screening Policy, Bylaws, Sample Lease and Community Rules of the cooperative that they are applying for. These can be found here.
Since the cooperatives have a 50-year lease agreement, the policies for membership approval are fairly strict. Please carefully review the Screening Policy for the community in which you are applying for as the application fee is non-refundable.
TITLE TRANSFERS
If you are using an escrow company, they will likely take care of the title transfer for you. If you are not using an escrow company you will need to take care of the title transfer yourself. This is required for membership and must be done in a timely fashion. Here is the information for how to transfer the title:
Email: mhods.bcd@oregon.gov
Phone: 503-378-4530
ATTENTION: BOARD OF DIRECTORS
The Treasurer (or designee) needs to deposit the membership fee into the “Membership” banking account.
Be sure to send an electronic copy of the lease and membership agreement to us as soon as it is signed.
Coming Soon:
We are in the process of creating an inspection list that the Boards will be able to use to address any issues on homes before it is listed. This is one more piece to help our communities continue to be desirable places to live.
PUBLIC AUCTIONS
Sometimes, abandoned homes are sold to the public. If you are interested in buying one, follow these steps:
Step 1: Visit the Home
Make an appointment to see the home and space.
It is a good idea to bring a home inspector or a licensed general contractor. Homes are sold “as is” (in their current condition), so you need to know what repairs are needed before you bid.
Step 2: Make a Bid
If you decide to bid on a home, follow these instructions:
Write your bid on a piece of paper and include:
Your full name
Your address
Your phone number
Your email (if you have one)
The amount you are bidding (in US Dollars)
The Home ID and space address
Your signature
2. Put your bid in a blank envelope and write on the front:
“Sealed bid for (Home ID and space address)”
3. Put that envelope into a mailing envelope and send it to the address in the sale advertisement.
Your bid must arrive before the deadline at the published address to be valid.
Step 3: What Happens Next?
Management will open all bids and pick the highest one.
If two bids are the same, the one with the earlier postmark (date mailed) will win.
If it is still a tie, a coin flip will decide the winner.
-Important Rules-
Bidders must be able to pay with a cashier’s check for the purchase price and have enough funds to also cover:
-Property Taxes-
-Title Transfer Fees-
-Monthly Space Lease Fees-
Buyers must become members of the cooperative and meet the membership requirements and full time residents. Please review the member benefits and the perpetual space lease for more information.
If a buyer does not want to join the cooperative, they must sign a storage agreement to store the home on the space until the home is removed.
If the investor plans to resell the unit and not remove it:
Any remodeling must be done by licensed contractors with permits.
Sale must be handled by a manufactured home dealer per ORS 446.
All electrical, plumbing and structural work must be completed to code (no covering up defects).
Roof must have at least three years of life based on an independent inspection.
If you have questions, check the cooperative’s webpage (see “Co-ops” at the top of this page) or contact management at 541-425-7272 or info@coopmgt.com