Having fun and taking advantage of all the activities can be lots of fun, but at the end of the day it’s nice to go home to your own place. It’s been around awhile. Fractional or Shared ownership is one way may people who could not other wise afford some of the prices of homes in Breckenridge, Colorado are able to enjoy the resort and surrounding outdoor activities in Summit County and †own a piece of the rockâ€. The most common way to finance these types of purchases is to re-finance a primary residence or other investment property and take the cash out to purchase a share. Many local banks are starting to offer more often shared ownership financing and even some mortgage companies throughout Colorado. If you do choose to participate in shared ownership and seek to finance the purchase it is important for you to realize that this is not your “normal†conventional home loan. The lending guidelines will likely be different.
Remember the property will always be subject to approval by the lender. To expedite the process, it will be necessary to provide the lender with as much legal documentation as possible. This should not be a problem since most properties structured in this fashion have corresponding documents in place prior to the selling of any shares. Some are designed as partnerships agreements; language in the declarations and covenants; tenant in common agreements to name a few. All of this will need to be reviewed by the lender’s underwriting department prior to determining if the property will qualify for approval. The property itself may have some requirements as well. One example is it may be necessary for the home to be managed by a management company rather than the owners self-managing in addition to the buyer having to meet specific requirements. Their are approximately 40 properties in Summit County that offer fractional ownership. If this is something that may be of interest to you please contacts us at teamleader@summitcountymountainproperty.com.
REAL ESTATE
If you would like additional information about real estate in Breckenridge Colorado as well as anywhere in Summit County Colorado contact us at 1-800-791-3990 ext 421.
Jeffery McClintock, is a real estate broker in Summit County and prides himself on providing clients with professional guidance in all phases of residential new construction, including market research, product development, consulting, marketing and advertising. His personal mission is to bring to you a level of knowledge, experience, commitment, high standards and results to answer your real estate needs. He believes, the most effective way to provide superior service is to build a strong working relationship with you. His system includes regular consultations and feedback, which is the best tool for identifying and clarifying your real estate objectives and help define strategic solutions.
