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What homes are eligible for the Divvy program?

We want to set our residents up for success by purchasing high-quality, safe homes. The criteria below should be used to identify homes that qualify for our program. Please note the criteria is not comprehensive and is subject to change.

       

      What Divvy will buy: 

      Standard requirements:

      • Properties located in one of our approved areas
      • Homes priced within our approved price bands
      • Home must fit within the Divvy pricing model
      • Single-family detached homes or fee-simple townhomes (i.e. includes land ownership)
      • Divvy does not purchase condominiums or townhomes under condominium ownership; please check townhome eligibility here
      • Homes with at least two above-grade bedrooms on less than 2 acres

      New construction requirements:

      • Divvy will purchase new construction with the following requirements:

      • Buyers Agent to confirm status directly from the builder via intake form

      • Earnest Money Deposit (EMD) cannot exceed $105,000. Note: resident is required to pay the entire EMD amount as a non-refundable deposit before an offer is sent

      • Development cannot have rental restrictions

      • Construction must be completed within 90 days

      • There must be at least 2 finished homes sold, within the same phase of the development, both within the last 6 months

      • Comparables must be ± 10% GLA (gross living area =  total area of finished, above-grade residential space excluding unheated areas such as porches and balconies) of home, with upgrades, within the same development

      • All new construction homes must have central air conditioning

      What Divvy will not buy:

      Sale type restrictions:

      • Pre-foreclosures / short sales

      • Foreclosures

      • REO/bank-owned

      • Government agency owned


      Home restrictions:

      • Manufactured, modular, or mobile homes

      • Commercial or mixed-use properties

      • Condominiums or townhomes under condominium ownership (Please check townhouse eligibility here)

      • One-bedroom homes; homes must have at least two above-grade bedrooms

      • Homes without central air conditioning (exceptions may apply in CO, MN, and OH)

      • With the exception of standard appliances, homes must be free and clear of the seller’s belongings at close of escrow. If seller is in an approved leaseback, seller may take appliances at the end of the leaseback

      • Homes with a door on a raised level must have a balcony, deck, staircase, or railing built on the exterior

      • Homes with financed solar panels (owned solar systems and/or systems paid off at close of escrow are allowed)

      • Homes with oil tanks or that use propane tanks as the primary heating source

      • Homes on lots that exceed 2 acres

      • Homes with an existing lease in place where the lease end date is beyond the acquisition close date

      • Homes with an unpaved driveway and/or unpaved access road. Exceptions can be made if the home has the following:

        • Minimum 3 bedroom / 2 bathroom

        • Home is renovated, if older than 30 years

        • Within 75 miles from the metro center*

        • At least 1 sold comparable within past month within 0.5 mile

      *Census Bureau-defined Metropolitan Statistical area center


      Quality and condition restrictions:

      • Homes with organic growth (e.g. mold)

      • Homes with known hazardous materials (e.g. vermiculite insulation, asbestos, etc.)

      • Homes with unfinished rehabilitation work, liens, and/or open permits

      • Homes with known structural issues


      Red flags in the listing include: 

      We want your home to be in great condition before you move in. When home shopping, there are a few warning signs that a home might not pass The Divvy Home Quality Evaluation. 

      • “Sold As-Is”

      • “Fixer-Upper”

      • “Not Habitable”

      • Home has less than 10 photos 

      • Homes with excessive deferred maintenance

      • HVAC is beyond useful life (typically up to 15 years)

      • Roof is beyond useful life (typically up to 15 years)

      • Water heater is beyond useful life (typically up to 8 years)

      • When walking the home, red flags include:

        • Any indication of moisture intrusion or mold growth, such as visible moisture staining or smell. 

        • Home does not appear to have been regularly maintained or is generally run down.

        • Multiple additions or obvious poor quality workmanship.

        • When you walk in the home, do floors feel out of level, or are there large noticeable cracks that you could fit a quarter in? This could indicate structural concerns.


      Pool restrictions:

      • Homes with above-ground pools

      • Homes with indoor pools

      • Pools must be fully enclosed by non-climbable barrier and entry gates and doors must be self closing and self latching


      Environmental restrictions:

      • Properties with repaired sinkholes on or near the property, regardless of if the sinkhole has been repaired

      • Divvy does not purchase in 100 year flood zones*

      *Specifically, Divvy does not purchase in areas that FEMA designates as high risk, which are homes in FEMA flood zones: A, AE, AH, AO, VE, and X zones that include a subcategory of: Regulatory Floodway, Special Floodway, or 100 year flood event are ineligible.


      HOA restrictions:

      • Age restricted communities (e.g. communities specifically for those 55/65 and older) 

      • HOAs where Board approval of the lease is required after closing

      • HOAs deemed to be a third-party beneficiary of the lease

      • HOAs with the right to evict on the property owner’s behalf 

      • HOAs that require background checks, credit checks, and/or interviews 

      • HOAs with a maximum rental period 

      • HOAs with a minimum period of owner occupancy


      Fee restrictions:

      • Properties wheres tax rates plus community development fees (CDD) exceed 4% of the property’s value


      Legal restrictions:

      • Properties where a homicide occurred at the property in the last 7 years

      • Properties where methamphetamine production occurred on the property in the last 7 years