South Holland — Ch. 8.5 Housing § 8.5-27

(a) In order to be eligible for benefits, a member must follow the procedures set forth herein.
(b) When an insured residence is placed on the market with the intent of sale, the member shall submit verifiable evidence of such placement including the date that such placement took place. Verifiable evidence may include a copy of advertisements for sale, a contract with a licensed real estate broker, or other evidence found satisfactory to a majority of the EAC.
(c) Upon receipt of verifiable proof by the EAC of the act of placing the insured residence on the market, a one-hundred-twenty-day waiting period shall commence from the date the insured residence is placed on the market. During the first ninety (90) days of the one hundred twenty-day waiting period, no coverage is afforded under this article; during the last thirty (30) days of the one hundred twenty-day waiting period, coverage shall be afforded pursuant to paragraph (f); at the expiration of the one hundred twenty-day waiting period, coverage shall be afforded pursuant to paragraph (h).
(d) A member may offer his/her insured residence for sale or may exclusively list said residence with a real estate broker for sixty (60) days from the date the insured residence is placed on the market. Thereafter, a member must notify the EAC in writing of his/her inability to obtain an offer for purchase at the appraised valuation or more and further must agree to list the insured residence with the South Suburban Board of Realtor's Multiple Listing Service or an agency with comparable sales coverage in South Holland for not less than sixty (60) additional days or until the insured residence is sold, whichever is sooner.
(e) Seventy-five (75) days from date insured residence is placed on the market, an inspection of the insured residence shall be made. That inspection, by a certified appraiser, shall determine if the insured residence is currently in at least substantially the same state of repair as on the appraised valuation date. If the insured residence fails to meet this standard, the following procedures must be followed:
(1) The certified appraiser will determine the percentage of depreciation of the insured residence due to the failure of the owner to maintain the premises.
(2) This percentage figure shall be multiplied by the appraised valuation to determine the dollar depreciation due to failure to maintain the premises.
(3) This dollar depreciation shall be subtracted from the appraised valuation to derive a lower appraised valuation to be used for the purpose of determining the amount of coverage afforded under this article.
(f) From ninety (90) through one hundred twenty (120) days from the date the insured residence is placed on the market, coverage shall be in effect as hereinafter set forth. During this period, a member shall immediately forward to the EAC all offers for purchase at less than the appraised valuation as determined in paragraph (e) of this section. Within three (3) working days from receipt of the offer(s) for purchase, the EAC shall either:
(1) Approve the offer for purchase--Whereupon the member must accept the offer and the EAC shall authorize the payment of the amount of coverage afforded by section 8.2-26 of this article subject to the following conditions:
a. Sales invoicing eminent domain shall be covered as set forth in paragraph (i).
b. Sales subsequent to an insured property and casualty loss shall be covered as determined by the appraised valuation in paragraph (e).
c. Contract sales shall be covered as determined by the appraised valuation in paragraph (e), but proceeds payable from the EAP shall be disbursed in equal annual installments over the life of the contract.
(2) Reject the offer--Whereupon the member shall continue showing the insured residence to prospective purchasers; or
(3) Exercise the EAC's (or its agent's) option to purchase the insured residence at the offered purchase price--Whereupon the EAC shall authorize the amount of coverage afforded by section 8.5-26 of this article.
(g) Days used to satisfy real estate sales contract contingencies, including mortgage contingency provisions, shall not be used in computing the one hundred twenty-day waiting period.
(h) If one or more offers have been made but not accepted on the purchase of the insured residence between the ninetieth and one hundred twentieth day pursuant to the above provisions, the EAC shall purchase the insured residence at the highest offered purchase price and shall authorize the amount of coverage afforded by section 8.5-26 of this article.
(i) Where an insured residence is to be acquired by use of eminent domain, the following procedures shall apply:
(1) If the member rejects an offer from the condemning body equal to or greater than the appraised value, there shall be no coverage under the EAP.
(2) If the condemning body offers less than the appraised value, the EAP may either:
a. Offer to pay eighty (80) percent of the difference between the appraised value and the offering price if the member agrees to sell at the offered price. If the member does not agree to sell at the offered price, then in no event shall the member receive from the EAP any payment in excess of the EAP payment provided for in this subsection a.
b. Advise the member that the offer is inadequate and should be refused. If the member under these circumstances desires to accept the offer, then the property shall be acquired from the member by the EAP at the offered price plus eighty (80) percent of the difference between the offered price and the appraised value. If the member refuses the offer pursuant to this subsection b. and the court determination of the value of the property is less than the appraised value, then the EAP shall pay eighty (80) percent of the difference between the judgment and the appraised value.