Next, it’s time to evaluate your home. David will meet with you to provide a Current Market Analysis to determine the value of the entire home. Then you can decide together what the sale price should be on the portion you are selling. This information will not be placed on the MLS system (Multiple Listing Service), however, if your property does have a LEGAL suite, we can talk about the benefits of advertising it there. Our job will be assisting you to find a financially qualified buyer through our program.
With the market value of the house determined, the next things to discuss will be the percentage of ownership, what areas of the property will be common or private, what rules and regulations make sense, how much you feel will be required per month for upkeep, if any renovations may be required, etc. This will form the basis of the Joint Venture Agreement.
After you acquaint yourself with what the Joint Venture Agreement will look like, and you feel comfortable with the process, it’s then time to meet some potential partners! We have a new, free match making program available exclusively through our Skool community. Click here to check it out! We will ask you to fill out our Matchmaking Questionaire, to let us know your housing preferences, wants, and needs as well as your requirements for your Shared Home Ownership Partner. Remember that the Matchmaking Service is designed more for the buyers side, so just do your best when answering the questions.
These questions help guide us in finding people who may be a good fit for one another. David personally reviews each potential match, and when he sees promising compatibility, he will contact each of you and ask for consent to share your profile with the other party. On agreement of both parties he will arrange a relaxed Zoom introduction to help everyone get acquainted. If that goes well and everyone feels comfortable, an in-person meeting can follow. From there, we can explore the next steps together and, if appropriate, begin working on a Joint Venture Agreement.
Once an agreement is reached and the Joint Venture has been created, each party will be required to have an independent lawyer advise them to make sure the agreement is sound, comprehensive and makes sense for both parties. Then finally, we will be ready to close the sale!