A true pearl - Dawna made the selling of our home and buying of our "new" home a truly painless and easy experience. She was involved in everything from help in preparing our home to sell to finding and negotiating the purchase of our new home. Even more amazing, as this is really my first experience in these types of transactions, she was able to keep my nerves at a low rumble.
She is a true expert in managing expectations of both sellers and buyers. I know this because we were involved in a sell and buy simultaneously.
She always seemed to have the right words to manage ruffled feathers between buyers and sellers on both ends of our transactions.
I don't believe anyone could, or would be willing, to take on all of the nitty-gritty aspects of the process, frequently leaving us to simply nod our heads yes or no as all of the myriad decisions were made.
I won't say the entire process was easy, but I will say I've never worked with a realtor who took more responsibility or worked harder to help us achieve our goals than Dawna did.
Would I use her again? You bet! Would I recommend her to a friend? In a heartbeat.
1. Create a Partnership Agreement- This should be in place before you start looking for properties to purchase, and is recommended to be based on more than a shared appreciation of local Chardonnay wine. This agreement is recommended to be reviewed by an attorney, and may have tax and legal consequences.
2. Research Occupancy Rules in Area- If your intention is to occupy the property with other property owners, and you are not related by blood, there may be a limit to how many unrelated parties may occupy a dwelling. This has been a common issue and has thwarted joint property owners in some US municipalities.
3. Anticipate Impact of Death- There are different ways to hold title to property. In each of the ways, there are consequences to the remaining owners in the event of the demise of an owner. This interest might transfer to the heirs of the deceased, who may not be interested in owning property with the remaining owner(s).
4. Have an Exit Strategy- Lives change, and if one or multiple parties need to terminate the ownership, there should be a plan. Keep in mind that a partial interest in real estate is rarely worth the actual same percentage of the value, and may be difficult to sell. (ie. ½ ownership interest may be worth less than 50% of the property value)
5. Resolve Finances Up Front- The down payment and the financing will be integral to your purchase. There are infinite ways to structure an ownership, including splitting the down payment, determining what name is on the mortgage, and how decisions will be made about repairs and improvements.