Agents Online Real Estate Forums, Discussion, Realtors Marketing Tips

Follow AgentsOnline on TwitterFollow AgentsOnline on Facebook

Click Here to display our logo on your site and link to us!
AgentsOnline Real Estate Discussion Forums Logo

Realtor CommunityA popular online real estate community since 1998!


Sponsored Links
How To Advertise Here
How To Advertise Here

Good Idea!
Realtor Promotion Service

Sponsored Links
(Views)Popular Topics
No new orders today 13144503
Stupid MLS comments. 3359238
What do you know about Froy Candelario, top agent in USA 1235272
Stupid QC comments and BPO requirements. 1107751
New HUD Listing Brokers---Any Update? 1062468
Is there religious content in Buffini class? 850733
Let's talk about our cars 702479
Name that Flick. Great movie Lines. 627721
Most common items found at an REO 625567
Pay it Forward - BPO/REO Tips & Tricks I & II 618180
EML 459235
Main Street 448922
asset val seminar in colorado 425419
assist 2 sell or 1 percent realty? 356100
HOMONYMS - There, Their, and They're 331579
Evalonline 300210
Land America 285053
Mainstreet 261860
Matched Content
Topic Options
Rate This Topic
#458444 - 07/13/17 10:08 AM Question about Multiple Co signors on a property
phattwoohie Offline
Junior Member

Registered: 07/13/17
Posts: 1
Loc: Louisiana
I have a large family that wants to purchase 5 acres of land on a lake and build some facilities to have our annual reunion at. We currently rent a state park out every year to do this but they are wanting to secure something private.

No one family member can afford this on their own so we are looking at combining resources and credit to secure a loan big enough to complete the project. Our family can take up a collection large enough to cover say a 20% down payment. I have commitments from 5 family units within the family that will step up and put their name on a loan. Is this possible to do?

Do banks or mortgage companies allow multiple co signors? Each of the 5 family units I spoke to have great credit and are elder members of our family who have little in the way of debts. Also they were chosen because they each make over 100k in their chosen professions. We figured we would have the best chance of success with these family members. We have many many others willing to step up and co sign as well but most have smaller total assets or finances.

Are there any hurdles you think we would face or is such a thing even possible? I have not spoken to any banks or mortgage companies yet. As of right now I'm just exploring the idea and possibility for the family. I figured some seasoned real estate agents might have some knowledge as I know a lot of agents also invest in real estate and know the ins and outs of the process. Any advice or knowledge is greatly appreciated.

#458445 - 07/13/17 11:40 AM Re: Question about Multiple Co signors on a property [Re: phattwoohie]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7857
Loc: Vermont's North-East Kingdom
Move on to the next step and speak with a Loan Originator at a Lending Institution that one or more of you is comfortable dealing with.

What you proposing won't sound unusual to their ears.

You'll probably have to consider making your purchase as a Family Trust or Corporation; with some Bylaws and each Member's rights, responsibilities, and obligations clearly laid out along with termination procedures if one Member wants out, in a recorded document.

Then see if you can locate a satisfactory target property that the entire group can agree on to serve as the collateral.
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"


Google Custom Forum Search

This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.

Newest Members
kmajors, alen111, deanne, Cupcakes, whoiamnow
30193 Registered Users
Who's Online
3 registered (Trouble, 2 invisible), 76 Guests and 7 Spiders online.
Key: Admin, Global Mod, Mod
Shout Box

Top Posters (30 Days)
Vermont 19
Trouble 17
estatereal 11
Z06Fanatic 10
newagent2028 8
Mr. Clean 8
HChomat 7
T.T. 6
silex 5
Big Kahuna 5
Bigtoe 5
Micah149 4
kerage 4
Brian Paul 3
Roadfrontage 3

How To Advertise Here

This site presented by RNC Internet Services