Cohousing-L Mailing List: Re: Phased move-in

[Karen Carlson (kcarlson2]

Our project included two new buildings, one finished about a month  
before the other.  (The first one included the commons.) We had no  
problem with members closing on the units in the first building before  
the second was completed.  This included those who had to get  
mortgages. I don't know how many of these mortgages were with the bank  
that financed the project--obviously as advantage.  (BTW, I inquired  
about getting a mortgage from a broker for my unit but he said the  
banks he deals with wouldn't give a mortgage unless the home owners  
association was in place for a minimum of a year. Banks typically  
won't give fixed rates until every unit is sold but the bank that  
financed the project offered us fixed rates.)

Karen Carlson
Arboretum Cohousing Community
Madison, Wi


On Mar 27, 2009, at 10:45 AM, Kristin Wells wrote:

> We are about half way through construction and it appears as though  
> half of
> our buildings will be done a couple months ahead of the other half  
> due to
> the way construction has moved around the site. We are interested in  
> the
> possibility of allowing people to move in once their building is  
> completed.
> I tried to look up this topic on the archives, but wasn't having  
> much luck.
>
> Our initial talk with a mortgage broker said it would be extremely  
> unlikely
> that banks would allow a mortgage to close if the entire project  
> wasn't
> complete. The common house is part of the latter half as well. She  
> did say
> that for cash buyers, it shouldn't be a problem, but there aren't  
> too many
> of those.
>
> It is looking like the city will allow it.
>
> Do any communities have experience with this? What did you find? Let  
> me know
> if I need to explain more.
>
> Thanks!
>
>
>
> --
> Kristin Wells
> Daybreak Cohousing, LLC
> 503.754.6776
> Kristin [at] daybreakcohousing.org
> www.daybreakcohousing.org
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