Buying a home is exciting, but it can also be stressful. Co-buying a home with friends, family, or a partner introduces additional complexity. Because money and relationships are involved, it’s important that co-buyers take steps to protect themselves. The best way to do this is to work with specialized professionals who have expertise in co-buying and co-ownership.
This week we highlight CoBuy-certified™ Mortgage Pro Trevor Reese. Trevor helps co-buyers understand their options and select the best mortgage for their needs and goals. He exemplifies what it is to be a CoBuy-certified™ Pro, demonstrating excellence across our partnership selection criteria: domain expertise, market knowledge, integrity, customer satisfaction, accountability, and communication.
We sat down with Trevor to talk about the process of buying a home together and how to get it right.
Q: Why did you decide to become a CoBuy-certified™ Partner?
I have been in the mortgage industry for 19 years. I was immediately interested in the flexibility CoBuy provides to buyers (or even current homeowners) looking to pool resources.
I’ve seen buyers who don’t have access to family support but want to borrow with a non-family member. I’ve also seen buyers who have financial support from family members but aren’t sure how to structure the transaction due to tax implications. These types of purchases take longer and require advice beyond what a lender can and should discuss with clients from a compliance perspective.
I often see folks give up on buying together because they are not able to get the support they require.
CoBuy solves these problem and it’s great to work together with CoBuy to serve these types of buyers.
Q: How would you describe the benefits CoBuy provides to buyers and what it's like to work with CoBuy?
CoBuy has been able to assist buyers to tackle the process of buying a home together, step by step. This includes planning, getting on the same page, and navigating the complexities of the transaction. I love the fact that CoBuy helps buyers to set up a framework for co-ownership so that things go smoothly and the individuals involved are protected.
As a CoBuy-certified™ Lender, I work with buyers as part of a deal team of real estate professionals who make up the CoBuy ecosystem. This collaborative model of specialized pros working together is highly efficient and effective. Everybody wins.
Q: What's your favorite thing about working in real estate?
I believe that real estate ownership is a key component to financial stability and wealth building. The best part of my job is helping my clients on the road to financial stability. This can mean buying a first home to avoid rent increases or being forced to move, or it can mean buying an investment property or second home.
Q: Why do your clients choose to work with you?
I think most of my clients and partners choose to work with me because I solve problems when others have stumbled. I am an expert in my industry, and I am happy to be transparent in how the mortgage process and pricing works and even teach my clients how to shop and compare lenders.
Co-buyers have a lot to think about.
Individual financial contributions
Eligibility for a joint mortgage
Co-borrowing vs. co-signing
Gifts, loans, and shared equity
Ongoing financial obligations
Rights, roles, and responsibilities
Risks & safeguards
Tax & accounting
Exiting the co-ownership arrangement
CoBuy can help.
CoBuy makes it easy to buy & own a home together, intelligently. We work with buyers to navigate the purchase process efficiently and effectively. Best of all, there's no cost to co-buyers to use our service.
Considering buying a home with friends, family, or a loved one? We'd love to hear from you. Create an account at CoBuy or drop us a note below for more info.