Re: Fannie Mae
From: Michael Barrett (
Date: Wed, 4 Aug 2010 07:11:19 -0700 (PDT)
This may be obvious (to all except me) but can someone please explain why lenders object to the right of first refusal. At the same time I confess don't really understand how right of first refusal works. I know the intent to allow the community to have an option when a home is for sale but just how does it work?

Michael Barrett
at Shadowlake Village, Blacksburg, VA - where a couple of us are working to get our ducks in a row for the annual SLV big camping weekend (as opposed the the smaller informal trips that have already happened).

----- Original Message ----- From: "Jude Foster" <foster.jude [at]>
To: <cohousing-l [at]>
Sent: Wednesday, August 04, 2010 9:31 AM
Subject: Re: [C-L]_ Fannie Mae

Yes, we recently revised our CC&R's to remove the 'Right of First Refusal"
clause because of this very issue.  Part of the tightening of the mortgage
and lending market. Our borrowers ran into it not just with Fannie Mae, but
other lenders too.

Jude, Trillium Hollow, Portland Oregon

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