Home Buyer Processes
Questionnaire Survey Home Buyer
Benefits
for Home Buyers
Some of the primary benefits for home buyers & community are as follows
Ability to purchase a share in a California Housing Co-operative now, in the county of Santa Barbara or Ventura, that allows you to occupy a home that you can afford.
Not to have to move out of the South Coast to buy a home one can afford
The opportunity to maintain your community contacts
Once one has determined the down payment one needs to buy a home, their budget is now settled and they know how much money they can spend freely to buy consumer goods and services, as well as donate to the cause of their own concern, which helps the local economy and community.
Benefits for Local Community
Imagine a community in
America that runs its hard-working people
out of town on a rail and the rest it either offers welfare to, or gives
parties for, depending on how much money they have to throw around.
Welcome to Santa Barbara, the most expensive small town in America.
The impact of all of the dollars that are not circulating in the local economy because people are saving their money to buy a home - then they don't buy it here, they move out of town to do so.
Not only that, but the community is losing their worker, retired person and their friends and family who spend money in town.
Is that financial activity replaced? No, because it can't be - in fact it's duplicated, triplicated and more, by 95% of the people who will eventually leave to buy a home!!
Process of Buying a Home
Qualify as a Prospective Homeowners Association Home Buyer (Process on-line soon!)
However, we will be sponsoring the sales of homes to particular groups of working persons, see list by clicking here.
These persons must have this as their primary residence and may not have owned a home in the last 3 years.
Show employment & residence history - will be verified
Self-employed must show:
2 years of tax returns,
Provide Income and expense statement
Business name registration or tax I.D. no.
Corporation must show same for principals
Show current pay stub; list business references
List assets (may not own another home elsewhere within Tri-Counties)
List bank accounts and provide 2 of the most recent statements
Provide Social Security & Drivers License numbers
Show any divorce decree
Provide copies of any rental/mortgage agreement and account numbers
Put up earnest money and sign agreement to purchase.
Once home is placed on foundation, pay balance of money from escrow and move in.
Costs/Benefits involved in buying & What the Buyer Actually Buys
In order to make these quality homes available, at the right prices, we are building homes & restrict their sale just to members who are already lower or middle-income residents or workers, and are offering these by:
1. Retaining a part-ownership in them, by co-investing in the portion of the value of the home, between what the seller pays for it, and what it is appraised for.
2. We have also planned to maintain an agreement that gives our organization the first right of refusal to buy the home back, when the original homeowner wants to sell.
3. Benefiting certain classes of citizens, by the nature and location of their work or income level, and other qualifications as a resident (such as the benefit they give to this community, by their participation in support of it).
4. Sharing the future equity gained in the home, between the price the first owner purchased it at and what it is appraised at by the time it is sold again.
We are compiling a list of the processes. For a rudimentary list, please click here.
Note: Our attorneys must review all of this information before it becomes guaranteed, but for now we are not taking down payments, nor selling homes. We are only taking pledges for memberships and selling bumperstickers to promote the association. All of this should be reviewed by our attorneys at the time we have raised enough money from sales of bumpersticker and pledges to officially contract with attorneys.