OPPORTUNITY IN LIVING
"Frequently Asked Questions"
How long has "Opportunity in Living" (OIL) been in the business of making affordable homes for the community?
How does OIL determine the pricing of their homes?
"Opportunity in Living" is a non-profit company and an affiliate of HUD. The company is
allowed to bid with "owner occupants" for HUD homes. When OIL wins the bid, HUD gives
them an additional discount in order to remodel the home. OIL is able to to make a small
percentage of profit over their operating costs and this amount sets the "list price" of the
home.
Are there special qualifications for Buyers in the OIL affordable housing program?
OIL is only able to work only with buyers that are "owner occupants". These Buyers also
must meet certain "income limits" (based upon the average mid and low level incomes in
that county).
Does OIL require additional Addendums with their Contracts?
OIL must show the department of HUD that they are working with qualified buyers within
the parameters of their program. OIL asks all buyers to fill out a couple of Addendums as
part of the Contract to Buy and Sell and return it with the offer.
Are there any non-allowable costs for OIL (in their relationship with HUD)?
OIL is not able to pay for any of the Buyer's Closing Cost...these are non-allowables in this
program.
Are the homes that OIL sells a "HUD home" or is it now privately owned?
OIL only purchases "HUD homes" in order to receive their discount, however after that
time, the home is privately owned by OIL and is resold. OIL has an exemption of the
90-day flipping rule and can put the house on the market as soon as the house's remodeling
is completed.
How long does it take to close a typical OIL home?
Most homes in the OIL Program close within the normal closing cycle.
Does the Buyer still have a "right of Inspection"?
Yes, every Buyer has the "right of Inspection" as they would in purchasing any home in
Colorado. The deadline is determined in the Contract to Buy and Sell.
Does OIL provide "home warranty policies" with every home?
In most cases, OIL provides a 14-month "home warranty policy" with the home sale.
How do I submit an offer on an OIL home?
Submitting an offer is like any other Real Estate purchase. The Real Estate Agent
representing the Buyer simply draws up an offer on the "Contract to Buy and Sell" form.
OIL typically can give a very quick response to any offers they receive.
