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Becoming a Committed Phase 2 Homebuyer
We have seven Committed Phase 2 Homebuyer spots remaining. There are three requirements to become a Phase 2 Homebuyer and reserve your spot in Phase 2.
See details below. |
Committed Phase 2 Homebuyers
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Two Commitments
Committing to Phase 2 is really about making two commitments:
- Becoming a member of Heartwood Cohousing. That's what our Prospective Member Checklist (PMC) is all about – giving you enough information about life at Heartwood for you to make a well-informed decision as to whether you're a good fit for Heartwood and Heartwood is a good fit for you. Completing the PMC takes time so you are encouraged to get started on it as soon as you've determined that you are seriously interested in joining Heartwood Cohousing. If you decide to begin completing the PMC, please send an email to [email protected] to let us know and we'll pair you with a Heartwood member who will be available to answer any questions you may have as you go through the process.
- Becoming a Phase 2 Homebuyer (P2HB). Based on our most recent home cost estimates (see Phase 2 Homes) and your personal financial situation, you will need to determine whether you can afford to purchase a home in Phase 2 (as demonstrated by a Pre-Approval Letter or a Balance Letter) and make a commitment to do so. You are strongly encouraged to consult with a mortgage lender and get pre-qualified or pre-approved for your home mortgage. Please see the Mortgage Financing section at the bottom of the Vital Information for Phase 2 Homebuyers webpage. Because your $12K Phase 2 Homebuyers deposit will be nonrefundable and P2HBs dropping out during the development process adds development costs for all of the other P2HBs, it is crucial for you to make sure that buying a P2 home is financially viable for you before signing and submitting the Heartwood Phase 2 Homebuyers Agreement. (Note that there's a Home Purchase Contract Addendum, which will be completed and signed at about the time we are ready to break ground.)
Phase 2 Homebuyer Benefits
Once you become a Phase 2 Homebuyer, you will have reserved your spot in Phase 2. Additionally, you'll be invited to provide planning and design input, which is a valuable development resource as it helps ensure that Phase 2 will be built in a way that best meets the needs of its future residents. You will also be invited to participate in:
- Phase 2 Homebuyers email chat group where lots of information is exchanged about Phase 2 development, life at Heartwood, and other P2 Homebuyers
- P2 Homebuyers Zoom gatherings where the latest development news is shared and we prepare for building our 14 new homes and move-in (including access to recordings of previous P2 Zoom gatherings)
- P2 Zoom Happy Hours where we have fun getting to know each other and current Heartwood community members
- onsite P2 Homebuyers gatherings giving you the opportunity to have fun getting to know Heartwood and its members and provide input into various aspects of the P2 planning and design
21 Day Grace Period
With spots in Phase 2 running low, in order to be fair to everyone interested in becoming a Phase 2 Homebuyer (P2HB), we allow a 21 day grace period for interested prospective P2HBs to complete their P2HB requirements. This grace period is designed to prevent a rush to complete the required steps, particularly scheduling a discussion with our Membership Team, which can sometimes take several days.
Here’s how the 21 day grace period works:
- Initiation: A prospective P2HB initiates the grace period by notifying Mary Ellen from our Membership Team of their intent to become a P2HB and their commencement of the Prospective Member Checklist. A visit to Heartwood is also required to begin the grace period.
- Securing a Spot: The grace period secures the next available spot in the Phase 2 queue for 21 days. Please note that other prospective P2HBs may be within their grace periods and ahead in the queue, along with existing P2HBs. Mary Ellen can provide information on the number of prospective P2HBs in their grace periods and the current availability of spots.
- Completion: If the prospective P2HB completes the three P2HB requirements (detailed above) within the 21 day grace period, they will secure the spot reserved at the beginning of their grace period.
- Lapse: If the prospective P2HB does not complete the requirements within the grace period, their reserved spot will be released. If they complete the requirements at a later date, they will be given the next available spot at that time, if any.
- Waiting List: Once all 14 P2HB spots are filled, we will establish a waiting list.