|RE: Home sales: Buyer and community protection||<– Date –> <– Thread –>|
|From: Rob Sandelin (robsanmicrosoft.com)|
|Date: Tue, 26 Apr 94 10:14 CDT|
Bruce A. Duda asks in relation to a previous posting where I described how Sharingwood is dealing with resale of units...: >Is there protection for the buyer? It sounds like s/he could >louse his/her interest money if s/he came in inadequately informed. Why >not require the information be part of the purchase agreement? That is a good idea, but we would have to check it out with our attorney and then run it by FNMA which is much more costly (The FNMA review was $1200 last time we did it, although that was for the whole condo declarations) than just creating and sending the package (Covenants and bylaws) to the buyer. And yes, as in all housing situations, the buyer could lose their earnest money if they were not savvy. Sales of existing homes are the sole business of the owner. Of course the community has a vested interest that the buyer be interested in being a part of the group, but we have no way to really ensure this, nor enforce it, since we have no way to really control who the home owner sells their home to. So far we have found that people self select pretty well. I think the key for this to be effective is to give each prospective member a honest and clear picture of what we are doing. We do that with a tour and a handout. However, if someone came in who was not interested in the community aspect of what we are doing, there is no way we could stop them from buying an existing home. I think this is the Achilles heel of our community.
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