Buying a house

JustUs

Member
We are currently looking to buy a new house that better fits a V poly group. Its myself, my wife and her boyfriend.
Question is, how much do you tell your realtor about the arrangement, if anything at all...And I know it is probably pretty obvious to our realtor that we intend to all live together, as we have looked at several houses together the past couple of weeks.
And other obvious give aways are that we are looking primarily at houses with 4-5 bedrooms, 3 full baths, preferably houses with 2 master bedrooms or an inlaw suite within the house.
Just curious if others have looked at buying houses together and how much you told your realtor. Just an FYI, we have built a pretty good relationship with our realtor since we have started looking...but curious of what others have put out there when house hunting.
 

Dagferi

Active member
Who cares what they think.

Really it is none of their business. Plus any good realtor is just concerned about making clients happy and getting a commission check.

Make sure you have a good contract in place between you three in case of dissolution of one or more of the relationships if the BF is going to be on the mortgage out deed.
 

JustUs

Member
That is very true! And that is really what our realtor is doing actually.
Most definitely a contract between the 3 of us in the event of a break up and even in the event of death, already been discussed and all agree it is a must.
 

WhatHappened

New member
I don't see where 4 to 5 bedroom houses or a mother in law apartment is a giveaway of anything. I can think of all sorts of situations where three people would buy such a house together.
 

GreenAcres

New member
JustUs,

Also, check your state laws before you buy. This may be where your Realtor can help you. In some states, cohabiting together for a certain period means common-law marriage, which can muck up a contract no matter what. Or (and I don't know your relationship arrangement), if two of you are already/ever legally married, in some states that can also override contracts.

The Realtor may be able to help you figure out how to best go about making sure these things aren't issues, or addressed adequately if they apply.

Have fun house-hunting!
 

calypsoblu

New member
We just purchased our home Oct of last year we did not tell our realitor anything about our relationship status..it is really none of their business. Now, qualifying everyone for the same mortgage may be tricky due to credit circumstances, in tht case, as we did, the mortgage is in my husbands name only, the home (deed) has all our names on it with the county we live in..in case of death, whomever left alive has right to the home.
 

Oldpolyman

New member
One of our acquaintances, who has 4 wives, bought a large house, by setting up their family business as a corporation. They are listed as equal shareholders, and the corp bought and owns the house.
Hugs
 

RedPanda

New member
We are currently looking to buy a new house that better fits a V poly group. Its myself, my wife and her boyfriend.
Question is, how much do you tell your realtor about the arrangement, if anything at all...And I know it is probably pretty obvious to our realtor that we intend to all live together, as we have looked at several houses together the past couple of weeks.
And other obvious give aways are that we are looking primarily at houses with 4-5 bedrooms, 3 full baths, preferably houses with 2 master bedrooms or an inlaw suite within the house.
Just curious if others have looked at buying houses together and how much you told your realtor. Just an FYI, we have built a pretty good relationship with our realtor since we have started looking...but curious of what others have put out there when house hunting.

The realtor is irrelevant. The PROBLEM you will run into is when it comes time to finance the house. Depending on which state you're in, there are going to be different expectations. In more stuffy/conservative (backwards) states, they will be operating under the expectation of strict nuclear family households. However, in more expensive and progressive states (like California) multiple people going in on a mortgage is more common.

The biggest question is this; who's going to finance the house and how? Many lenders will just sort of go the other way if you ask about a third cosigner. I had one say "Ugh, that never really works" and never call me back. So I dumped him and the real estate agent he was working with.

Chief point of advice; find a lender that will work with you first. Also consider this arrangement: everyone share one master suite but then have a "guest bedroom" set up for whenever one partnership wants alone time (or brings over someone new).
 

CattivaGattina

New member
Another possibility for financing a home in this situation in a conservative area is forming an LLC or some other legal grouping with you three as members. Then have the LLC be the party that finances/buys the house.
 

RedPanda

New member
Another possibility for financing a home in this situation in a conservative area is forming an LLC or some other legal grouping with you three as members. Then have the LLC be the party that finances/buys the house.

I've seen people doing this but you have to be careful because, technically, you'd be using the purchased property for personal use. In most cases this isn't a problem but if the wrong people come snooping it can raise some red flags. Also, you'll have to be prepared to spend more on attorney's fees to draw up the contracts and make sure everything is in order and on the level for the LLC.

http://www.oakparkforeclosurelawyer.com/2012/10/why-purchase-property-under-llc.html

http://online.wsj.com/news/articles/SB10000872396390443684104578066880677842280
 
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