Yes, you can find an MPDU for cheap. This price comes with restrictions, read carefully, they'll make many potential buyers think twice.
-- First right of refusal. You must contact HOC and give them the opportunity to buy your home, if you are still within your restricted time period (10, 15, or 30 years).
-- If within the 'control period' you cannot sell or refinance for more than the calculated control price. This is determined by HOC.
-- If control period has expired, owner can sell it to HOC for the market value. Owner may sell it on the open market BUT is required to split the profit with HOC. Do not refinance your home at market value, or it may create a problem for you to pay this due profit to HOC when you sell.
-- You must offer your home for sale to an eligible MPDU certificate holder for the first 60 days. Contract cannot be ratified until the buyer actually provides the MPDU COE. If after 60 days you're unsuccessful, you can request permission from HOC to sell it to a non-MPDU certificate holder.
-- You may not rent out the property without prior HOC approval
BJ Matson, Realtor®
Home Buying Advisor • RE/MAX
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