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One Time Close Construction to Perm Financing
Basic Contracts Information Price of Homes and availability of lots are subject to change at any time without notice. Once you enter into a Contract with the builder. The contract is a fixed sum contracts. The prices are all inclusive and include both the home and the lot. Earnest Money Deposit required is $12,000 and is non-refundable. The earnest money is held by the title company not the builder. A portion of the earnest money is used to (Holds Lot – Covers cost of Prelim work that must be done prior to closing soil, perk, survey, fees) . The portion of the money used prior to closing is not refundable regardless if the buyer closes o the property. The amount needed is lot specific and will be discussed before hand. Standard On-site construction can take as long as 12-14 months+ due to weather delays. The building envelope for each home generally runs 7-9 months. This is why we use a combination of both on site and off site building techniques. The properties located within areas requiring a Architectural Review will add generally 1 additional month for the administrative process. Basic Financing Requirement Guidelines
The ability to Fractionalize Ownership requires a qualification process and specific guidelines. It is property specific and therefore we are unable to post the details on-line. We would be happy to discuss the process with you. Broker Commissions 3% Broker Co-op is paid to Real Estate Technology Group, Inc as well as a co-op licensed realtor by the builder. The co-op commission is based on based on the price of the home only. Closings in most cases are scheduled 60- 75 days from Date of Contract. Investment Options Option #1 Fractional Share Investor Concept: Option #2 How Does these Options work? For example: Investor Price $1,000,000. Market Value $1,200,000 in Option #1 Investor receives a profit of $200,000 in Option #2, Investor sells 1⁄4 shares at $350,000 and receives a profit of $ 400,000. In Option #2 Investor is required to pay down the initial debt from each 1⁄4 share sold by $250 until the initial mortgage debt is satisfied. How 1⁄4 share Ownership Share Works About Fractional Home Ownership A second home has been called the ultimate discretionary purchase --something that many people would like to have but no one needs. People who do own a place at the beach, the lake or in the mountains often are quick to express frustration at not being able to spend more time there. It hardly makes sense to have the expense of a mortgage, upkeep, insurance and taxes for a place you don't use more than a few of weeks and or months a year. To deal with that situation, family members and friends often have joined forces to buy a place. It cuts down on the cost and everyone gets to enjoy a place that's more than just a hotel room. In 1994, a new concept debuted in the United States -- fractional ownership of vacation homes. Patterned after fractional ownership of private jets, the concept formalizes the idea of a group of relatives or buddies pooling their resources to buy a getaway place. Fractional ownership offers individuals the opportunity to buy partial ownership of a really nice place in a resort area they would not otherwise be able to afford Similar to time shares If it sounds a lot like a time share, that's because there are similarities. The more fractions that are sold, the more it resembles a time share. Both can be bought as deeded properties (some time shares are now sold as club memberships instead of time in a specific unit), and can be rented out, shared with family and friends, sold or left to someone in a will. The big difference: money The big differences between time shares and fractional ownership properties are prices, financing and fees. While time shares can be had for a few thousand dollars, fractional ownerships can run $100,000 or more -- much more. Click Here for an Article on Fractional Share Ownership
If you are considering building a home in Colorado, please contact us using our on-line response form, or call us. We think you'll find working with RealEstateColorado.net a rewarding, enjoyable and fun experience and we look forward to hearing from you. Thanks again for visiting our web site!
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