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Answers (13)
- Happydays4you
- Contributions:43
who knew when you wrote this 5 months ago that you would be getting answers for this length of time....
- Hugh "Scooter" Willey, "willeystyle1"
- Contributions:117
In most cases, co-ownership cannot be financed with a home mortgage loan. Simply, because one owner's mortgage default might might imperil the other owners.
- Wes Black
- Contributions:509
Thanks for the real scoop on timeshares.
- Tim Moore, "Kitty_Hawk_NC"
- Contributions:151
It is obvious some do not know what co-ownership is or means yet they still answer the question. Scooter's answer was 100% correct. They are not time shares but they are something like them in that there are multiple owners, usually 10, and they each get the property for 5 weeks each year to use, rent or leave empty. The 5 weeks rotate each year so one person does not get the July 4 each year, for example. A $1,000,000 property would have 10 owners each paying $100,000 for their 1/10 co-ownership share of the house. They can sell it if they want and if they can find a buyer. Some co-ownerships are asking $20-30k for a 1/10 share and some go up to $100k or more depending on the property and its location to the ocean. Think of it as 10 people going in together to buy a house.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
Kris this sounds like a time-share. When we take vacations a lot of times we rent a time-share from the management company. On many occasions the only fee was for maid service and clean liens.
Far cheaper than a hotel and sometimes we get up to 1,800 square feet. Check with the management company what rent would be of a week or a month. To me this is not a good investment and will be hard to sell when the time comes.
Happy funding, Rudi
Far cheaper than a hotel and sometimes we get up to 1,800 square feet. Check with the management company what rent would be of a week or a month. To me this is not a good investment and will be hard to sell when the time comes.
Happy funding, Rudi
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Spammer Willey with the irrelevant double plug. Nice!
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
Depends on what your credit score is, talk with a lender to see if you can get a loan like this ....what do you mean by co-ownership, is this a timeshare?
- Hugh "Scooter" Willey, "willeystyle1"
- Contributions:117
With co-ownership (i.e., fractional ownership) in Outer Banks vacation homes, the schedule is already worked out and repair costs are shared by owners.
- Dan, "the_country_hick"
- Contributions:4699
You probably would never be able to resell it for what you pay for it. It sounds like a time share and those have very little resaleability.
You can probably rent cheaper than buying a portion. Plus your schedule will be open to allow your life to cause changes to happen.
If you mean buying a house with other people it is the same kind of problem. No one wants to buy a piece of a house and you have to work out schedules with others and then worry about repairs getting done.
You can probably rent cheaper than buying a portion. Plus your schedule will be open to allow your life to cause changes to happen.
If you mean buying a house with other people it is the same kind of problem. No one wants to buy a piece of a house and you have to work out schedules with others and then worry about repairs getting done.
- Hugh "Scooter" Willey, "willeystyle1"
- Contributions:117
Co-Ownership is the same as fractional ownership. You co-own the property with one or more owners and have deeded co-ownership. Co-Ownership in the Outer Banks usually starts at 5 weeks and can include more. Some co-ownership also allow the possibility to rent out your unused weeks. Co-Ownership is a great start to Outer Banks home ownership. As for financing, you would need to contact a mortgage lender. I can assist you with both your offer to purchase and locating a repuable mortgage lender.
Hugh "Scooter" Willey
[contact information and hotlink removed by Zillow moderator]
Hugh "Scooter" Willey
[contact information and hotlink removed by Zillow moderator]
- T.C. Whiting, "TC_at_PNC_Bank"
- Contributions:332
A co-signer means that person's (or persons) income (and debts) are added into the qualification equation. So they will go on the hook with you and guarantee the loan. But, just adding someone doesn't necessarily help. They need to help in terms of making the numbers look better. Sometimes people try to co-sign and actually make the numbers look worse... there would be no point in doing that.
- T.C. Whiting, "TC_at_PNC_Bank"
- Contributions:332
You need a "co-signer" or at least I think that is what you're saying. You should be able to do what you're trying to do (making many assumptions) with a family member as a co-signer.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Your question is unclear. Are you asking about condominium ownership, or something else? If you clarify, free advice will follow.
Please explain co-ownership to me
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