Previously when I was working with first time buyers that we're approved to buy ADU's in Loudoun, there was a long waiting list. In fact, at one time the county quit accepting applications from people to be added to the list. However, first time buyers shouldn't let that discourage them. Many people on the list never buy an ADU. They might rent, buy something else, move away, or do something that disqualifies them from buying an ADU. But if you and your agent want to keep you in contention, the rewards could be worth the wait. What's does ADU stand for?
Affordable Dwelling Unit
Before you check to see if you qualify,and add your name to the list, you should read through the rules and guidelines. If you have all your paperwork in order, go ahead and apply. But know a few things going in. (1) If you sell in the future, you must offer it for sale to someone else on the ADU list for first 90 days. (2) If you use an agent, your agent is limited to 1.5% commission. (3) You must meet credit score and income qualifications. (4) There is a lot of paperwork and documentation involved. (5) You should buy expecting to stay in the home 15 years (6) A one year wait is normal.
"Current New Construction Offerings (Availability as of 7/18/2014)
Please note that the new construction properties listed are only available to those who are current ADU certificate holders. If you are interested in these homes, or others like them, please apply for the ADU Purchase Program at: www.loudoun.gov/adu.
Also, please note the following: 1) The developments listed may have units available. Please contact the builder for availability information. (2) Contracts may be signed on a first-come, first-served basis."
Current New Construction and Resale Affordable Dwelling Units (ADUs)
That's a general overview of the program, and I know some buyers that bought nice properties at attractive prices. You'll need some patience. I remember one lady I worked with was on the waiting list for over one year, and was about to give up when she got a call that a property she qualified for had just become available in South Riding.
Jeff Pearl | Lic in VA
Remax Distinctive | McLean VA
703-727-4876
Homes | Land | Farms | Historic
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