 Sharing an apartment with a couple - how should the bills be split? |
| I recently moved in to a 2 bedroom apartment and am sharing with a couple. How should the bills be split? They say I should pay half but I would think for the bills they should be split 3 ways as ... |
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 I keep hearing that it's a 'Buyer's Market' - but where are all the buyers??? |
| So I keep hearing that it's a buyer's market and everyone's telling people to BUY NOW because it's a great time to buy, but my question is, where are all the buyers??? lol My ... |
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 Apartments without Refrigerators, Why? |
My husband and I are trying to find apartments in California because we will be moving in a few weeks for his job. We currently live in Missouri.
Nearly every aparment listing we find doesn&#... |
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 Any advice on selling your home and going back to renting for a while? |
| My husband and I are new homeowners (less than 5 years), and we may have purchased a home too hastily. I say this because we are not truly happy in it and feel if we save money, we could do a lot ... |
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 I make $35k - how much home could I afford? |
| Condos are as low as $99k where I live, plus I'm eligible for first-time homebuyer grants.... |
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| I have received one open credit statement and one opened net flix dvd. I also don't get mail the day it comes. What laws protect me?... |
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 Does anyone know how a "REVERSE MORTGAGE works? |
My mohter in law wants to take out a reverse mortgage on their house. They own it free and clear and they are both retired. They want the money to travel, vacation etc.
someone told me ... |
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| The sale was handled through real estate agents...all by the book. It was an "as is" sale and I disclosed all known structural defects and flaws. The buyers sent me a nice, biographical ... |
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 Is now a good time to buy a house or should i wait a little more? |
| Hi, i live on San Francisco and we are trying to find a house around Oakland or Richmond, but we have a lot of people going on different direction, our realtor of course said the better than now we ... |
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 What if you are trying to get a loan, but you don't have none of your old income tax returns? |
| because In recent years I was not planning on buying a house, but just up and decided to purchase a home, what or how can I prove that I have been working steadily for ... |
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 Why are builders building all of these expensive houses people can't afford? |
| I live in a typical middle class town, however, for the past few years builders have been building all of these expensive, massive, monster homes that nobody can afford. Despite, the bid price tag, ... |
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 We are thinking of buying a home? |
| We still need to get pre qualified first. My question is, would it be better to wait and get pre qualified after we are married or is it not going to make much of a difference. Because if it ... |
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 My landlord has sent me a bill for heat we never asked him to supply in our rented home? |
| Suddenly this winter the kerosene guys delivered and filled our tank without us calling. At first we thought it was an accident becuase they left no bill. It happened a few more times and we then ... |
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 Real estate question? |
| for example, if i was going to rent a house out to someone. where do i get the lease agreement from, and who do I consult if i want to add certain clauses.... |
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Captain Algae | What is the best way for four people to buy a house together? |
I am considering purchasing a house with 3 people (2 couples.) I am looking for advice on how best to apply for a mortgage. Should one person do it with a side contract between the partners? Or should all four co-sign the loan?
I think at least 2 of us could qualify for a loan on our own. |
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sbravosystems
 |
You want all to Co-sign the loan, so that its in writing and in contract form that you all agreed to the terms and conditions of the payment.
I would also ask your local bank what the general process is for multiples, and dont use BofA, or Wells Fargo.
Any side contract you get should be drawn up, and/or approved by an attorney or other scribe at law. Theres probably forms for that sort of thing on some gov website, but I wouldnt know where to look. I would just get all their hancocks on the original paperwork, so that it is undisputable.
You better make sure that sucker has 3 full baths, and at least 2800 sq feet, with 2 car garage or better. |
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progunr
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Bad idea. You are setting yourself up for tremendous problems down the line. Just imaging having all four names on the deed, and something happening that causes the four of you to seriously not get along???? |
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larmarine83
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Don't. Thats the best way, honestly. |
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lunatic
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Don't even get close to doing this without alot of legal advice and an ironclad legal agreement. |
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Grub
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That NEVER ends well. EVER!
But if you insist, make sure everything is in writing and each couple has a good lawyer. :) |
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recovering christian
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probably the side contract thing. good luck!! |
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novastarbanker
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All four of you need to get down to the bank and have your credit checked, and supply the lender with your employment in income information for the last two years. You will all have to be approved, and although you will fill out seperate residential loan applications, you will all be listed on the mortgage and the deed to the home. Legally this would be the best way as everyone shares the liability on the mortgage equally, however, if one person from each couple applys for the mortgage only all for can still be listed on the deed. Contractual agreements usually end up in court if anything goes horribly wrong. Protect yourself, and make sure you have a good realestate attorney to watch over everyones interests. Good Luck! |
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whitelily
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all should sign the loan so there is no question to owner ship if something should go wrong with your friendship. why not buy an apartment house? |
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jonnyd
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Speak with your attorney about establishing an LLC (Limited Liability Company). Each of the 4 of your will be stock holders in the LLC (25% respectively) and the LLC will actually own the property. Provides a tax shelter and better coverage to you personally should the house ever yeild any unwanted liabilities. |
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cappy
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The best way is to open an corporation or a LLC for all parties. |
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Someone
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How about one person buy the house, and the other rent? Having 4 people on the loan gets tricky as soon as somebody hurts someone else's feelings and walks out, never to pay his/her share of the mortgage again. That will ruin EVERYONE's credit if the difference isn't made up! |
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