FACULTY STAFF HOUSING DEVELOPMENT

 


Home > Lottery Sales

Frequently Asked Questions

Lottery 15 – Menlo Park (Stanford Hills): 2 Single-Family Homes

  1. Who is eligible to purchase a leasehold interest in this Lottery?
  2. If I currently have a reservation or a contract on a single-family home in another FSH Housing Lottery, am I eligible to participate in this lottery?
  3. Do I have to attend one of the scheduled open houses in order to be eligible?
  4. How can I purchase a leasehold interest in this Lottery?
  5. Can I use a realtor?
  6. How is the purchase price determined?
  7. If I win the lottery how do I select my home?
  8. If I win this lottery and move forward with the purchase of this home, when is the earliest that I could close escrow?
  9. If I own a condominium do I have to sell it?
  10. Are there community rules and regulations?
  11. Is there a Homeowner Association (HOA)?
  12. Who takes care of my landscaping and the exterior maintenance of my home?
  13. Are the homes a part of a larger planned development?
  14. Is there available storage space?
  15. Is there a home warranty and customer service program available?
  16. Is the lessee responsible for any portion of the property taxes?
  17. Where can I get more information about the University’s housing assistance programs and the purchase process?
  18. Why are the measurements estimates?
  19. Do the homes have private outdoor space?
  20. Where will my guests park?
  1. Who is eligible to purchase a leasehold interest in this Lottery?
    The homes are for purchase only by eligible faculty whose appointment at Stanford is 100% time. See the Eligibility section on the lottery Overview for more details.
  2. If I currently have a reservation or a contract on a single-family home in another FSH Housing Lottery, am I eligible to participate in this lottery?
    No. If you currently have a reservation or contract on a single-family home in another FSH Housing Lottery, you would need to withdraw from that said lottery to be eligible. This rule does not apply to participants who have a reservation or a contract on a condominium home in another FSH Housing Lottery.
  3. Do I have to attend one of the scheduled open houses in order to be eligible?
    Yes.
  4. How can I purchase a leasehold interest in this Lottery?
    Prospective buyers are invited to submit an Interest List Application for the home. The interest list will be open for approximately four weeks to give eligible faculty enough time to view the home and complete the interest list application. A random-number drawing (lottery) will be held after the interest list closes and all interested participants are vetted. Only eligible prospective buyers will be included in the lottery.
  5. Can I use a realtor?
    Yes, you can use a realtor. However, an agent is not required and the University will not pay a real estate commission.
  6. How is the purchase price determined?
    The price for the homes is based upon an independent appraisal. The prices reflect the homes' Market Value based on comparable home prices available in the marketplace, adjusted for the restrictions in the ground lease.
  7. If I win the lottery how do I select my home?
    1. The first two lottery winners and the first two runner-ups will be contacted on Tuesday 12/4/18 regarding their Home Selection and Purchase Deposit appointments, prescheduled to occur on Wednesday 12/5/18.
    2. Lottery winners will receive an inventory status update 24 hours in advance of their scheduled appointment.
    3. Lottery winners are advised to rank their preference in advance of their appointment.
  8. If I win this lottery and move forward with the purchase of this home, when is the earliest that I could close escrow?
    The escrow period is approximately 45 days from the date the purchase contract is signed. The purchase contract is typically signed approximately 2 weeks following the aforementioned Home Selection and Purchase Deposit appointment.
  9. If I own a condominium do I have to sell it?
    No. However the lottery home must be the Lessee’s principal place of residence. Additionally, an Eligible Person may use the University’s housing purchase programs for only one property at a time.
    If the condominium must be sold to meet underwriting requirements:
    1. The condominium must be listed for sale within 30 days of the new home selection;
    2. The condominium must be under contract/in escrow within 90 days of the new home selection; and
    3. The condominium must close escrow before the new home purchase has closed escrow.
  10. Are there community rules and regulations?
    Yes. In order to maintain the high-quality and timeless appearance of the residences now and into the future, pre-determined Rules and Regulations apply. The Rules and Regulations are available for review prior to any purchase decision. The Rules and Regulations address such topics as how many pets you may have, permitted alterations to the home and landscaping, permitted window coverings, restrictions on paint colors, and noise restrictions.
  11. Is there a Homeowner Association (HOA)?
    There is no official HOA. There is an informal self-administered neighborhood group called The Stanford Hills Homeowners Association (SHHOA). HOA dues are approximately $60 per year. There are no common areas that are owned or managed by the HOA. The Stanford Hills Park is maintained by the City of Menlo Park.
  12. Who takes care of my landscaping and the exterior maintenance of my home?
    Lessee.
  13. Are the homes a part of a larger planned development?
    Yes. In 1951 and 1957 the Board of Trustees of the Leland Stanford Junior University (“Stanford University”) entered into agreement to ground lease a portion of the land it owns in Menlo Park to developers for the purpose of creating two single-family residential subdivisions:

    • Stanford Hills, comprised of 78 homes, whose lease was executed April 27, 1959, with a lease commencement date of April 30, 1959, an original expiration date of April 29, 2058, and a 2013 amendment providing for lease extension to a maximum expiration dateof April 30, 2109; and
    • Stanford Creek, comprised of 45 homes, whose lease was executed March 3, 1952, with a Lease commencement date of March 1, 1952, an original expiration date of February 28, 2051, and a 2013 amendment providing for lease extension to a maximum expiration date of February 28, 2102.

    After completion of development in the 1960’s, the developers, who paid for the leases in full at the outset assigned their respective ground lease to those individuals ("Lessees") who purchased the individual sub-divided parcel leaseholds. The Lessees thereby assumed the developers' obligations to Stanford University under the ground lease.

    The leasehold reverts to Stanford University upon lease expiration or resale to Stanford University. The homes that revert to Stanford University may be included in the Off-Campus Housing Lotteries administered by Stanford University Faculty Staff Housing (FSH).
  14. Is there available storage space?
    Each home has a garage, with room for storage and bicycles.
  15. Is there a home warranty and customer service program available?
    Yes. The homes in this lottery are sold “as-is” in their present condition. However, copies of a seller purchased limited home warranty will be available for review prior to any purchase. California law requires that certain information be provided to all home buyers prior to the completion of the purchase transaction. This information, which must be in writing, is referred to as the disclosure documents. The disclosures cover many aspects of the property and differ by property type. The disclosures are important documents, which should be reviewed carefully by a potential buyer. Lottery participants will have access to documentation regarding property condition.
  16. Is the lessee responsible for any portion of the property taxes?
    Yes. Lessee is responsible for 100% of all property taxes. The County Assessor determines the value on which the taxes, fees and assessments are charged. Current information is that the fair market value (not the purchase price) will be the basis for property taxes.
  17. Where can I get more information about the University’s housing assistance programs and the purchase process?
    Visit the Faculty Staff Housing website at fsh.stanford.edu, which provides details about purchasing a home, including applicable financing programs.
  18. Why are the measurements estimates?
    The area measurements that are contained in any documentation provided by the University are estimates only. They were not actual measurements, but derived from appraisals, plans, and other documents relied upon by the University. The actual measurements may differ. Varying methods of measurement may have been used. Buyer should not rely on any of these estimates in making a decision to buy the property.
  19. Do the homes have private outdoor space?
    Yes. These homes have private outdoor space. Both include a landscaped front and back yard with privacy fencing.
  20. Where will my guests park?
    Guests may park along the street or in the driveway apron of the home.


(top of page)

Important Notice
Nothing on this site or in the documents it contains should be construed as an offer or commitment of any kind. Programs and eligibility requirements can be changed or discontinued without notice.


 
Stanford Home

Contact |   Directions | PRIVACY POLICY |   FSH Terms of Use