Home Buying in Rossmoor>Question Details

Michael Sayre, Home Buyer in 94598

Can I help my mom buy a co-op?

Asked by Michael Sayre, 94598 Thu Jun 13, 2013

I'm 29 and my mother is 63. I'd love for her to live in Rossmoor, but her income isn't all that great. However, mine is. Can I help her buy into a co-op?

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Answers

8
Yes, of course, if you qualify with terms & conditions of loan financing. I have a team of professional ready to help! With 30+ years in the industry I would welcome the opportunity to assist you! Please call today so we may get started in locating the perfect home for your Mother in Rossmoor!
DeAnn J Simpson #01138722 - Better Homes & Gardens 925/974-7653
0 votes Thank Flag Link Mon Sep 23, 2013
Hi Michael,
You absolutely can help your mom buy a condo in Rossmoor! I am touring in Rossmoor this afternoon. The title companies are responsible for "pre-qualifiying" income for the Golden Rain Foundation. There several "Mutuals" (what Rossmoor calls HOA's), and depending which Mutual your mom might wind up purchasing in will determine the exact income required. It isn't as daunting as it seems, I promise. I highly recommend calling Angel Avery at North American Title and Escrow at 925-930-8800. She will be happy to help you with the qualifications. I can also send you information in email that might help you understand the process as well. Basically your mom needs the monthly HOA/Mutual dues and monthly property taxes multiplied by four to qualify for monthly income. She also has to have an additional $75K in reserves depending on the Mutual, and if she is paying cash proof of that as well. Angel is amazing at figuring out creative ways to allow for income. Please let me know if I can help you find a CO-OP or if you need any other information! 925-708-0008
0 votes Thank Flag Link Fri Jun 14, 2013
Hi Michael,

All of the answers below are right on. Several times I have had children involved in the purchase of the parent's condo or co-op in Rossmoor. You can buy it outright for your mom or you combine resources for the purchase.

If there is a loan involved (yes, you can get a loan on a co-op), you need to be aware of the complexity of such a purchase, especially the long escrow for which you must be prepared.

I'm an Accredited Buyer's Representative (ABR) and a Seniors Real Estate Specialist (SRES). I would be happy to meet with you to discuss your needs and, more importantly, those of your mom. She will love Rossmoor. We've lived there for six years, and it's a wonderful community.

Jackie
925-951-7021
0 votes Thank Flag Link Fri Jun 14, 2013
Yes you can. My client just purchased unit for her parent in Rossmoor last month. Please let me know if you need help
My best,
Sue
925 212 2605
0 votes Thank Flag Link Fri Jun 14, 2013
I am not sure you can get loans any longer on the co-ops or if they will allow a co-signer for a loan. I will check on this for you. Please call me at 925-946-9899

Judy Brown, Broker
Better Homes Realty
0 votes Thank Flag Link Fri Jun 14, 2013
Absolutely. You don't have to be 55 to own in Rossmoor, but your designated occupant (your mother) must be. There are other financial qualifications that also need to be met. Please contact me if I can help you out in any other way.
Thanks,
Kim
925-787-0351
0 votes Thank Flag Link Fri Jun 14, 2013
Yes, you can buy your mother a condo or a co-op in Rossmoor. Please call or write to review the details of doing so.

Elisabeth Simon
Empire Realty Associates
408-429-9314
esimon@empirera.com
0 votes Thank Flag Link Thu Jun 13, 2013
Also, can I help her buy a condo there, as well?
0 votes Thank Flag Link Thu Jun 13, 2013
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