Re: Foreclosures and short sales
From: Sharon Villines (sharonsharonvillines.com)
Date: Wed, 11 Feb 2015 07:22:34 -0800 (PST)
> On Feb 11, 2015, at 6:52 AM, R Philip Dowds <rpdowds [at] comcast.net> wrote:
> 
>  It sounds like you had a lot of members who were unrealistic about housing 
> costs, and who moved into your community with no financial margin of error.  
> This leads me to think that household financial planning, especially for 
> first-time buyers, is another essential professional service that would 
> benefit groups seeking to develop their own cohousing project.

It is also reasonable to ask people to see a mortgage broker to determine their 
ability to afford the homes. The community can then verify their mortgage 
eligibility without knowing any other details about their income.

And for the community to be realistic about costs once the people move in. For 
example, the real cost of monthly dues. Is it properly estimated? Will it 
triple in the second year?

The information on maintaining the property is important and it's important to 
get third party confirmation of "industry standards." You can always lower fees 
later but being realistic up front will serve you better. 

And don't forget the reserves/savings for paying for future replacements and 
maintenance. At Takoma Village _40%_ of our budget is reserves/savings.

Sharon
----
Sharon Villines
Takoma Village Cohousing, Washington DC
http://www.takomavillage.org





Results generated by Tiger Technologies Web hosting using MHonArc.