The resale restrictions of the Below Market Rate (BMR) home are outlined in the Agreement and Deed Restrictions Regarding Resale Controls for Below Market Rate Property made between the BMR property owner and the City of Menlo Park at the time the unit was purchased. If the owner wishes to sell his/her home, the seller first needs to issue a Notice of Intent to Sell to the city's BMR contractor, HouseKeys.
For more information and/or initiate an intent to sell, please contact HouseKeys staff.
The unit must be in good repair and salable condition, or the cost of rehabilitating the unit will be reimbursed to the city out of the proceeds of the sale. The definition of "salable condition" for any given unit shall be provided on a case-by-case basis following the City's inspection of the unit, and shall be at the discretion of HouseKeys. "Salable condition" shall refer to the general appearance, condition, and functionality of all flooring; painted surfaces; plumbing, heating, and electrical systems; fixtures; appliances; doors; windows; walkways; patios; roofing; grading; and landscaping. In addition, the city reserves the right to withhold the cost of having it professionally cleaned from the seller's proceeds. Once cleaning is complete, the seller will be refunded any difference between the amount withheld and the actual cost to clean the unit.
Once the City has determined that the unit is in good repair and salable condition, and the City has set the price for the BMR unit, HouseKeys will state in writing that the 180 day period for completing the sale of the BMR unit may commence.