Timeline for Looking to buy a property that's 12-14x my income. How can it be done?
Current License: CC BY-SA 3.0
5 events
| when toggle format | what | by | license | comment | |
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| Sep 6, 2017 at 16:29 | comment | added | Hart CO | @PeteB. In both suggestions this 2nd party person would own the property too, and in the first scenario would be living there. co-owning can be messy, and obviously shouldn't be entered into lightly, but it's not outright horrible (maybe horrible in case of OP's financial situation?). Backing the loan with no ownership in the property would be horrible. | |
| Sep 6, 2017 at 16:23 | comment | added | Pete B. | @HartCO it is horrible. If someone wants to buy this guy a condo, then sure do so. Doing it as a cosigner is just everyone fooling themselves. The buyer also needs to budget for maintenance costs. | |
| Sep 5, 2017 at 3:59 | comment | added | Hart CO | @GlenPierce The 2nd paragraph outlines a fairly common scenario that does include benefit to the co-owner. Also, parents frequently take on financial risks to benefit their children, there can be benefits that aren't financial in these situations. It's not a decision to be taken lightly, but neither of the suggestions is horrible. | |
| Sep 5, 2017 at 3:56 | comment | added | Glen Pierce | Horrible idea to convince someone else to take on your financial risks without any benefit to themselves. Never become cosigner with anyone but your spouse. | |
| Sep 5, 2017 at 1:57 | history | answered | DJClayworth | CC BY-SA 3.0 |