Next, it’s time to valuate 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), as we will be assisting you to find a financially qualified buyer through our program. This will ensure that you will only need to show your home to individuals who meet the criteria and have an interest in Shared Home Ownership.
With the market value of the house determined, next is the time to discuss percentage of ownership, what areas of the property will be common or private, how much you feel will be required per month for upkeep, or if any renovations may be required.
After all legal agreements have been reviewed, it’s then time to meet some potential partners.
We will share with you the details of people who qualify to purchase the portion of your home you are planning to sell. These will be people who closely share the same priorities and values in their lifestyle as you do and have a mortgage approval for the amount required. When a potential partner has been identified, we can arrange a face to face meeting. At the meeting, both parties will have an opportunity to interview the other, to determine if a match is possible.
Once an agreement is reached, each party will be required to have an independent lawyer advise them on the agreement. And finally, we’ll be ready to close the sale!