Steps for Selling a University Home
Process Outline
1. Contact Employee Housing to initiate the process
With the exception of Custom Homes, Employee Housing will
line up the next buyer on the waitlist.
2. Hire an inspector to find out what repairs are needed
This may be started upon contacting Employee Housing (Step 1).
Home repairs identified as a requirement by the buyer must be completed or deducted from the sale price; however, termite report repairs required by the lender must be cleared.
3. Buyer must secure funding before entering contract
4. Once a buyer is pre-approved for your home
Hire a realtor to get into contract for your new home purchase.
Connect with a lender to secure financing for your next purchase.
Please note: Loans will typically take approximately 30 days to close before you can receive sale funds to close on your next home.
First Right of Refusal
As per the Community Covenant and Restrictions (CC&Rs) of each Homeowners Association*, the Declarant (the University) holds the right of first refusal for purchasing each unit.
The CC&Rs also state the University does not have an obligation to purchase. Due to the recent budgetary constraints and the desire to streamline the sales process, the University is no longer exercising these purchases.
In response, the Employee Housing Office is actively promoting direct transactions between sellers and buyers to expedite the purchase process. Employee Housing will facilitate these transactions by communicating with waitlist participants to identify interested buyers and assist in obtaining funding through the MOP loan for the buyer’s purchase. Property prices are determined by the CC&Rs.
*Ranch View Terrace excluded
¹Cardiff Terrace Article XII 1., Laureate Court Article 14.1, Hagar Court Article 14.1
Determining Sales Price
Per the CC&R’s¹, the sale price of your home is determined by the following equation:
Original Purchase Price
+ CPI Adjustment (Source: UCOP Monthly Resale Price Indices)
+ Capital Improvements (Source: Improvements awarded by Architectural Review Board)
– Repairs in excess of normal wear and tear (Source: Seller’s Inspection Report)
= New Sales Price
¹Cardiff Terrace Article XII 2.(a)(ii), Laureate Court Article 14.2 (b), Hagar Court Article 14.2 (b)
Process Overview
Step 1: Contact Employee Housing
Once you decide you are interested in selling your University home, please contact the Employee Housing Office.
Employee Housing will begin the steps to find the next buyer for your home from the waitlist. This can take time while the office contacts waitlist participants until a buyer is found to accept the purchase offer. Employee Housing will allow reasonable time for the buyer to agree to or decline the purchase (typically about one week).
A prospective buyer may request to view the home prior to accepting the offer. It is important for you to schedule viewing times with them, so the buyer can make an informed decision.
If the buyer declines, Employee Housing will take the same steps with the next person on the waitlist and do so until a buyer agrees to purchase. Employee Housing will keep you up-to-date throughout this process.
Step 2: Hire Inspector and Repair Home
In order to sell your University home, you will hire a licensed inspector to provide you with a report stating any repairs needed prior to selling.
Once you have received the home inspection report, you will hire the licensed professionals to complete the repairs identified as a requirement prior to selling. Alternatively, you may sell your home for a reduced price based on what the repairs would cost.
A termite inspection is also required. Any repairs the termite inspector deems necessary for a sale must be completed as a termite clearance report is required for any lender to fund a purchase. Employee Housing recommends Casner Exterminating as they have years of experience working with UC homes and the UCOP loan.
Step 3: Buyer Receives Loan Pre-approval
The next buyer will need a loan pre-approval to purchase before you may enter into a sales contract to sell your University home.
As of Spring 2025, the MOP loan program is not currently taking new applications until additional funding is received. Therefore, if the buyer is not already approved for a MOP loan, they will need to secure a pre-approval from an outside lender. This is subject to change when Campus receives additional funding.
Please note that it may take several weeks for a buyer to receive a pre-approval as they will need to provide documents and go through underwriting.
Additional time will also be needed if the identified buyer needs to first sell their current home.
Step 4: Hire Realtor and Secure Lender Pre-approval
The next step will be to hire a realtor to draw up the sales contract. The Employee Housing Office can provide realtor recommendations if needed.
You will also need pre-approval from a lender for your next purchase. If you are not already pre-approved with UCOP for a second MOP loan, you will need to find an outside lender (subject to today’s rates rather than the current MOP rate) and provide documents to receive your pre-approval. The Employee Housing Office can provide recommendations if needed.
Step 5: Get into Contract and Open & Close Escrow
Once a buyer is pre-approved and home repairs are completed, your realtor can complete the sales contract and open escrow. Typical escrow closing will take 30 calendar days. If the 30th day falls on a weekend or holiday, it will close the next business day.
Please note that if you are using the MOP loan a second time and have a MOP loan on your current home, you will not be able to close on your next home until a few days after your current home sells since there cannot be two MOP loans held at one time.
Alternatively, the same closing guidelines apply with a conventional lender should you be using the funds from the sale of your current home as down payment for the next home.
Step 6: Move to your New Home!
Congratulations on the sale of your UC home!
Since there tends to be some time between selling your home and moving into your new home, you and the buyer can agree on a “rent back” period. This is a period of time you may stay in the UC home and pay a daily rental rate to the new buyer until you move out. Your realtor can add an addendum to your sales contract to create this agreement.
Good luck on your move, and we hope you enjoy your new home!