Re: First right of refusal
From: Racheli Gai (rachelisonoracohousing.com)
Date: Wed, 4 Aug 2010 08:53:48 -0700 (PDT)
In our community (Sonora Cohousing, Tucson) - people let the community know that they're wishing to sell or rent, so that community members get a first crack at it. After a while, if no one bites (or they don't reach
agreement on terms), a notice goes to the larger public.

I don't know that we have a written agreement about this, but most of the time that's how it's been
working.

Racheli.

On Aug 4, 2010, at 8:46 AM, Michael Barrett wrote:


So I tentatively surmise:
If an offer is received from a buyer who apparently has no interest in
supporting and participating in the community, then the right of first
refusal allows the HOA to match that offer and buy the property?
Is that so?
And do so repeatedly if the unwanted buyer ups their offer?

If so then the mortgage-offering-bank will want to be sure the HOA is a good risk. Is it that banks like named individuals with good stable jobs and
excellent credit rather than paper organizations?

Still seeking clarity.
Michael


----- Original Message -----
From: "Ann Zabaldo" <zabaldo [at] earthlink.net>
To: "Cohousing-L" <cohousing-l [at] cohousing.org>
Sent: Wednesday, August 04, 2010 10:19 AM
Subject: Re: [C-L]_ Fannie Mae



Like Michael -- I don't understand the reluctance of financing
institutions to have this included in the condo docs.  Seems as if
this would make for a sure sale rather than a delayed one esp. if
there is a time limit on the HOA's response time.  In TVC's case I
think it's just 3 days.

AZ

Best --

Ann Zabaldo
Takoma Village Cohousing
Washington, DC
Principal, Cohousing Collaborative, LLC
Falls Church VA
703 663 3911

On Aug 4, 2010, at 10:11 AM, Michael Barrett wrote:


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] gmail.com>
To: <cohousing-l [at] cohousing.org>
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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