Becoming a Committed Phase 2 Homebuyer
There are three requirements to become a Phase 2 Homebuyer and reserve your spot in Phase 2.
Getting on the Phase 2 Waiting List
Once we have commitments for all 14 Phase 2 homes, we will be accepting households onto our Phase 2 Waiting List. There are three requirements to get onto our Phase 2 Waiting List.
Committed Phase 2 Homebuyers
Committing to Phase 2 is really about making two commitments:
- Becoming a member of Heartwood Cohousing. That's what the 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 firstname.lastname@example.org to let us know and we'll pair you with a member of Heartwood who will serve as your buddy to answer any questions you may have, put you in touch with other community members with whom you may share interests (e.g., gardening, raising chickens, fiber arts, homeschooling, snowshoeing, etc.), and act as your host when you come for a visit.
- Becoming a Phase 2 Homebuyer (P2HB). Based on current home cost estimates (see Vital Information for Phase 2 Homebuyers) and your personal financial situation, you will need to determine whether you can afford to purchase a home in Phase 2 and make a commitment to do so. Because your $12K Phase 2 Homebuyers deposit will be nonrefundable and P2HB's dropping out during the development process adds development costs for all of the other P2HB's, 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. You are strongly encouraged to consult with a mortgage lender and get pre-qualified or pre-approved for your home mortgage. (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 Waiting List
Once all 14 P2HB spots have been taken, anyone else wanting to commit to becoming a P2HB will go on the P2 Waiting List. If you would like to get on the P2 Waiting List, you must complete the Prospective Member Checklist, sign and submit Heartwood Phase 2 Homebuyers Agreement, and make a $3,000 nonrefundable deposit.
If one of the 14 P2HB's drops out, the first household on the P2 Waiting List will have 7 days to make an additional $9K deposit, bringing their total nonrefundable deposit up to $12K. The developer (Tara Development) will then sign the household's Phase 2 Homebuyers Agreement, thus making it fully executed. The new P2HB that had been on the P2 Waiting List will take spot #14 in the lot and carport selection queue. If the first household on the P2 Waiting List does not make an additional $9K deposit within 7 days, they will lose their spot on the P2 Waiting List and their $3K deposit. The next household on the P2 Waiting List will then be given the opportunity to become the new P2HB household.
Any P2 Waiting List deposits still held after all P2 homes are sold will be refunded. What all that means is that if you are on the P2 Waiting List and you have the opportunity to become a P2HB, but you don't take it, you will lose your P2 Waiting List deposit, but if no P2HB spot ever opens up for you and you are never given that opportunity, you will get your deposit back. There is, however, one exception – if someone on the P2 Waiting List buys a home in P1, they will get their $3K deposit refunded.
Phase 2 Homebuyer Benefits
Once you become a Phase 2 Homebuyer, you will have locked in 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 P2 Homebuyers
- monthly Phase 2 Homebuyers Zoom gatherings where the latest development news and virtual tours of Heartwood are shared (including access to recordings of previous P2 Zoom gatherings)
- monthly Phase 2 Zoom Happy Hours where we have fun getting to know each other and current Heartwood community members
- onsite Phase 2 Homebuyers gatherings giving you the opportunity to provide input into various aspects of the Phase 2 planning and design
Because of Covid, the only visitors we are currently inviting to stay in our common house guest rooms are friends and family of community members and people seriously exploring the possibility of committing to becoming Phase 2 Homebuyers.