Steps to acquire a GNND home | Good Neighbor Next Door Realty
Your search results

Steps to acquire a GNND home

The GNND Step by Step guide helps to clarify the process to successfully participate in the GNND program.

Getting Started

  1. Sign-up to be notified of GNND properties in your area
  2. Find and contact local GNND Agent and confirm your eligibility
  3. If you are eligible get pre-qualified through a Lender recommend by your GNND agent
  4. GNND homes are available during a 7 day window to submit your entry and you must be pre-qualified and prepared
  5. Prepare for upfront home buying expenses (see Preparing for expenses below)
  6. Search for home in your area and watch for email and or text message notifications of new properties
  7. See a home you like? Contact Agent to see home and enter drawing
    1. Agent submits your entry electronically
    2. Verify with your Agent your bid confirmation number
    3. Agent notifies the winner the morning after the deadline.

After you've been awareded a property

  1. All paperwork and earnest money must be submitted with your Agent and sent to the Asset Manager (AM) within 2 business days
    1. Earnest money is 1% of list price with a minimum of $500 and maximum of $2,000
  2. Meet with Lender and supply all required financial documents needed to complete the loan process
  3. After AM reviews and approves paperwork, usually within 7-10 business days, you will then receive a ratified contract
  4. You will then have 15 days to conduct home inspection (Optional)
    1. Depending on the outcome of inspection, you can work with your Agent to adjust repair escrow or change to 203k financing to cover needed repairs
    2. If there are no additional repairs found by home inspector then continue with #5.
  5. Finish loan process with Lender and expect to close within 45 to 75 days

Closing on the property

  1. Your Agent will notify of the closing date, time and location
  2. Be prepared to spend several hours closing on the property
  3. Be aware, delays can happen. Do not come to closing with all of your possessions packed in a moving truck
  4. Pack a suit case for every member of the family like you’re going on a week long trip. This is helpful so that you can find necessities and medications easily without opening boxes
  5. Take a picture in front of your new home with your GNND Agent for the local newspaper

Preparing for expenses

You should plan on the following when you are awarded a property:

  • Earnest money: from a minimum of $500 up to maximum of $2000 (1% of the list price)
  • Appraisal $400 to $700
  • Property inspection (Optional) $200-$400 and could be more for additional tests like radon gas, plumbing camera inspection, swimming pool, or structural/foundation
  • $210 to for utility activations or more more if property uses gas
  • $150 for de-winterization and re-winterization (seasonal)
  • Expect at least $1,110 to as much as $3,460 or more out of pocket expenses after a property has been awarded to you.
  • Have a Question?

    Please refer to our extensive list of Frequently Asked Questions.

    For a more thorough guide on the entire GNND home buying process please refer to Steps To Acquire a GNND Home.
  • Member Signup

    Sign Up and we'll notify you when a home becomes available in your area. Text message notifications available too.
  • The Program Explained

    Eligible candidates may purchase a property at a 50% discount from the current appraised value. For example, if the home has an appraised value of $150,000, you can buy it for $75,000. You can also apply for an FHA-insured mortgage and you may finance all closing costs, repairs, improvements, appliances and all acquisition of expenses.
  • Gift Card

    Qualifying participants will receive a $50 Lowes or Home Depot Gift Card