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You mention that if there are multiple bids on a single property, then the winner is determined by lottery! Buying a home for 50% off the list price is very much like winning a lottery! It's a great opportunity for teachers and other public servants to take part in the American dream of buying a home. Homes in San Diego CA are listed in the GNND program, but not a lot of people know about it. It helps to be flexible about which neighborhood you are willing to live in. With the minimum 36-month holding requirement, I think it's safe to say that anyone can stay in a home for just a few years. At the end of the holding period the home owner can sell and trade up into the neighborhood of their choice.
I'm a teacher who actually did this program just over a year ago. I love my home and wish every teacher would buy a home this way. It really works just like it's described. An awesome way for educators to get ahead!
Geoff you're right! This is by far one of the best programs I work with. In today's housing environment, I can't think of another program that offers a new homeowner such an opportunity through a single transaction. This really is a great program.
This program really does offer a great way for teachers and the other professionals, to build wealth. There are so many future opportunities because of the way it works that I've had seasoned investors and lenders wish they could take part!