|Financing site purchase ?s||<– Date –> <– Thread –>|
|From: Elizabeth B. V. Urner (ebvalbatross.com)|
|Date: Tue, 23 Feb 1999 00:07:44 -0600|
Greetings all. We are in the early stages of forming a group (check out www.arcadia-farm.org for more info). I'm looking for information from groups who purchased land with an existing house on it (in our case, it'll be used as the common house). How did you finance your initial purchase? How many families were involved at the time, vs. how many now? Did taking the initial risk translate into any financial benefit for the founders down the line? How did you make this "fair?" Did your sellers carry a contract for all or part of it? What were the terms? If you worked with a conventional lender, who was it and what would or wouldn't you recommend about going with them in the future? Did you have some members live in the existing house, at least temporarily? How did you pro-rate who paid what on the land mortgage? Did you have a problem with getting your land lender to have a subordination agreement (whereby the original land loan becomes subordinate to people's individual unit mortgages? If you had this as an issue, do you have copies of subordination addendums you used in your purchase and sale agreements, or can you point me to one (we're having realtor trouble with this one). Any and all help is much appreciated. Libby Urner Arcadia Farm Cohousing libby.urner [at] arcadia-farm.org
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