Here is a GREAT article From Alan May with Coldwell Banker.
We have always been able to take wedding gifts as an acceptable source of down payment... But this way seems to be easier to document.
Recommended reading for my clients who need some funds!!
Crowdfunding your downpayment.
It seems to be the new "it" thing. Couples are getting married at a more advanced age, than they were when I was young. The average age of newly wedding couples, these days, is 27's, 28's, and beyond. By the age of 27, or 28 when they marry... they've often been living on their own for a while, and have amassed many of the things that we used to "register" for, in the bridal registries.
Even if they did sign up for that microwave, toaster, wok, fondue set (fondue set?), they're often living in a tiny apartment, or they might have had to return to their parent's basement, and they have no room to put all of those unnecessary wedding gifts.
Enter the crowdfunded downpayment from websites such as featherthenest.com, and others. These sites allow you to send a link out to your friends and family, and hopefully build up that initial downpayment to buy a home. HatchmyHouse.com says that the average amount raised by their site is $8,000-$8,500. Perhaps not enough for an actual downpayment, but a really good start.
There has been some pushback, according to downpaymentdreams.com who report that some family members consider the request for cash-money to be a little off-putting.
But, hey, welcome to the new millenium. It sure beats that fondue set.
ALAN MAY, Realtor®
Specializing in Evanston Real Estate and North Shore Real Estate
Coldwell Banker Residential Real Estate, 1710 Central Street, Evanston, IL 60201
847.425.3779 Cell: 847.924.3313 Email: Almay@aol.com
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