Re: mortgage trouble
From: MikeAngelastro (MikeAngelastrocomcast.net)
Date: Wed, 11 Oct 2006 08:19:11 -0700 (PDT)
Please my reply to Susan Hedgepath.  Here it is below.
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You will immediately make your units unavailable for FHA insured loans.  The 
FHA views these clauses as discriminatory.  Also VA loans would be excluded.

This decreases the flexibility of prospective buyers.  In our community it has 
meant higher move in costs on at least three occasions I know of.

-------------- Original message -------------- 
From: Catya Belfer-Shevett <catya [at] homeport.org> 

> I'd be interested to know this as well, and also whether any of the MA 
> communities have experienced this. 
> 
> - catya 
> 
> 
> Sharon Villines wrote: 
> > On Oct 10, 2006, at 7:32 PM, Mary English wrote: 
> > 
> >> Our community, Wasatch Cohousing, is reviewing our right of first 
> >> refusal clause this month, because prospective purchasers are being 
> >> refused morgages due to that clause. 
> > 
> > Why are banks refusing mortgages? It seems that all they would care 
> > about is that someone would purchase the unit -- that it could be sold. 
> > 
> > I would understand if the clause said the community had to approve the 
> > buyer. That isn't what right of first refusal means. 
> > 
> > Sharon 
> > ----- 
> > Sharon Villines 
> > Takoma Village Cohousing, Washington DC 
> > http://www.takomavillage.org 
> > 
> > _________________________________________________________________ 
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> > 
> 
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> 

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