Cohousing-L Mailing List: Re: First right of refusal

[Racheli Gai (racheli]

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
> > >
> > >
> > > _________________________________________________________________
> > > Cohousing-L mailing list -- Unsubscribe, archives and other info at:
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> >
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