All Bright Homes FAQs
Is All Bright Homes right for me?
All Bright Homes is an excellent option for any homeowner planning to relocate from the Allston-Brighton area, because it allows for an easy, professional sale without the hassles of multiple showings, staging the home, last minute repairs, multiple offers and counteroffers, and closing delays. It is particularly attractive for long-term residents who have strong bonds in their neighborhoods and want to leave lasting legacies by ensuring that their homes remain owner-occupied.
At what point should I call All Bright Homes?
It’s best to engage with All Bright Homes before contracting with a realtor. All Bright Homes will do free market analyses – with no obligation – and provide home sellers with a likely market value to allow home sellers to weigh their options.
Do I get to choose who will live in my home?
Yes and no. Once All Bright Homes has purchased a home, it returns to the market with a deed restriction that requires the new owner live in the house. In that way, sellers have already decided on the type of person who will live in their home. Beyond that, the house is available on the open market with all serious offers considered and all protections against discrimination in force. If the seller would like to recommend someone who might like to purchase the home, All Bright Homes is eager for that information.
What if my home needs repairs?
One of the beauties of the All Bright Homes program is that the seller does not have to make any repairs. Once All Bright Homes owns the house, it will make any repairs or updates needed before the house is put back on the market. The seller is responsible for updating smoke and carbon monoxide detectors and obtaining a certification from the Boston Fire Department. Please be aware that any major repairs will be taken into consideration when All Bright Homes makes an offer.
What if I don’t like the market value All Bright Homes considers fair?
All Bright Homes works with a well-respected, local realtor who knows Allston Brighton and conducts research on recent sales of comparable homes in comparable neighborhoods. After a market value has been determined, All Bright Homes will work with sellers to determine whether a mutually acceptable price can be reached.
How long does the process take?
In general, the process can take as little as 45-60 days. Once an offer from All Bright Homes is accepted by the seller, a home inspection is done within 10 days. Generally, the timeline from an accepted offer to closing is two months. However, if the seller needs more time, All Bright Homes can be flexible to ensure the seller has ample time to settle other affairs, including securing a new home.
Do I need a lawyer?
Yes. Every home seller should secure legal counsel. Once that counsel is engaged, All Bright Homes’ lawyer will work directly with the seller’s lawyer to ensure a smooth process, without hiccups.
When do I get my money?
Like with any home sale, All Bright Homes makes a deposit at the time of the initial offer, then makes another payment of approximately 5% when the purchase and sale agreement is executed. Those payments are held in Escrow until closing, when the remainder of the purchase price is paid and the Escrow is released to the seller.
Is All Bright Homes right for me?
Yes. All Bright Homes is particularly appealing to those buyers who have been active in the Allston-Brighton real estate market and have been consistently outbid by investors or developers. Because All Bright Homes does not entertain bids from investors and developers, its houses remain attainable to “regular” buyers.
How do I know which houses are being sold through All Bright Homes?
What is the process for making an offer?
The process is the same as any real estate transaction. If buyers are willing to accept a deed restriction requiring owner occupancy, they can make an offer directly to All Bright Homes’ realtor.
What does the deed restriction mean to me? Can I have roommates? Can I rent a room to a boarder?
The deed restriction simply means that the owner must live full-time in the house. The restriction does not limit how the owner uses the space, nor does it preclude others from living in the house in addition to the owner.
How does ABCDC benefit from this program? Do you make a profit on buying and selling these homes?
ABCDC is a nonprofit housing developer in the neighborhood. With the support of Harvard University and BlueHub Capital, we can leverage funds to buy homes quickly and sell them to families who want to make Allston-Brighton their home for the long-term. Generally, ABCDC makes no profit from this program and our goal is to break even with costs. When ABCDC does make additional money from these transactions, this goes directly back into the program.