Shared Equity Mortgage

Written by Syd Johnson


When you get a shared equity mortgage a private seller or investor will make a down payment onrepparttar home and share inrepparttar 112105 equity. The investor can pull their investment if you returnrepparttar 112106 down payment plus all accrued equity oncerepparttar 112107 property is sold.

One alternative financing option A share equity mortgage arrangement is an alternative financing option for buyers who might be able to makerepparttar 112108 monthly payments on a mortgage but cannot come up withrepparttar 112109 down payment.

This is not an agreement that one should enter lightly becauserepparttar 112110 investor might not haverepparttar 112111 same long term goals asrepparttar 112112 homeowner. The private investor might want to pull his or her equity out ofrepparttar 112113 home after a few years, whilerepparttar 112114 resident wants to keeprepparttar 112115 property for 10, 15 or 30 years.

Use a lawyer who can help you structure your shared equity mortgage agreement to protect all parties The best way to protect yourself and your investment is to use an attorney that specializes in these types of transactions. You should be able to get a recommendation from any real estate attorney in your town.

Your attorney will structurerepparttar 112116 arrangement so that both parties can receive whatever cash or equity they need in a reasonable amount of time either through a buyout or by sellingrepparttar 112117 property.

Buy a condominium or get a starter home?

Written by Syd Johnson


Often considered an alternative to home ownerships, a condominium is a form of property where you own one unit in a development plus a share of all common areas. You can find condominiums in cities as well as suburban areas. Condominiums are often considered a first home alternative for young families and upwardly mobile young adults.

Condominiums usually don’t appreciate atrepparttar same rate orrepparttar 112104 levels as detached single family homes. If you want to make a profit on your investment, carefully scrutinizerepparttar 112105 condo market in your area,repparttar 112106 quality ofrepparttar 112107 condo governing board and overall activity in your local real estate market. Don’t assume that you will make a generous profit off your condo because single family homes sales are onrepparttar 112108 increase.

The governing board can often make a difference between a professional and a horrible condo experience. If you need to a strong degree of control overrepparttar 112109 outside environment such as pool areas, parking, color ofrepparttar 112110 building etc., then a condominium might not be a good fit for you, or your family.

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