DAVE ROSS

Seattleites are now teaming up to buy their first homes

Apr 3, 2018, 11:46 AM | Updated: Apr 4, 2018, 1:15 pm

cobuy...

(AP)

(AP)

Affording a home anywhere in the vicinity of Seattle seems to get further out of reach every day. This is especially true for first-time homebuyers.

RELATED: Seattle’s ‘hottest’ neighborhoods in 2018

Recently, we’ve been exploring some imaginative ideas from some Northwest companies.

For example, Loftium, which will cover your down payment in exchange for an Airbnb contract for one of your rooms.

Now there is CoBuy. CoBuy has already figured out all the hoops you would need to jump through in order to buy a home with other people, including non-relatives.

Co-founder Matt Holmes and head of marketing Tim Hedberg say they give advice to potential homebuyers while determining the best route to buying a home with other people. If someone and a few of their friends want to go in on a house together, the company helps determine what would be needed for a down payment, how multiple credit scores will interact, what kind of mortgage product makes sense. And, maybe most importantly, if it is even feasible.

CoBuy in Seattle

CoBuy also helps home buyers plan for the unknown by establishing best practices if someone wants out later in life. Holmes and Hedberg say to think of it as a decision matrix.

The company helps family and non-family buy a home together. Holmes and Hedberg even saw two married couples buy one home together.

“We’re seeing all different combinations of people doing this. People have really been doing it for a long time, there’s just been no common processes, no domain-specific language around it.”

RELATED: Is history partially to blame for Seattle’s housing dilemma?

Plus, first-time homebuyers will be able to afford a much larger house when pooling their resources with others.

So buy a mansion with your friends in Seattle. Just make sure you can stand each other.

Listen to the entire interview here.

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Seattleites are now teaming up to buy their first homes