Re: Variations on low cost housing
From: Tim Mensch (tim-coho-lbitgems.com)
Date: Thu, 22 May 2008 08:57:33 -0700 (PDT)
melanie griffin wrote:
...I can't imagine making an offer on a property and
having to wait a month before the seller would legally be able to say yes or
no.
I've read and heard that such restrictions (commonly called Right of First Refusal) can make banks skittish about lending--and right now especially, I wouldn't want banks to be any more skittish. Obviously if the community makes good any buys the property, then the bank is safe, but banks worry that it will prevent potential buyers from making an offer in the first place for exactly the reason you mention.

There's also the logistical challenge of getting a community to agree to put up the money to buy the place, which to me seems very unlikely to happen unless the buyer is truly and obviously a bad fit--obvious enough to achieve consensus among the folks that will end up having to pay to buy the house.

Tim

--
Tim Mensch

Currently at Wild Sage (Boulder, CO): http://www.wildsagecohousing.org

Founding member of Tumblerock, a Boulder, CO area community in its forming 
stages: http://tumblerock.org


Results generated by Tiger Technologies Web hosting using MHonArc.