|Re: Mortgage lenders and cohousing||<– Date –> <– Thread –>|
|From: Holly McNutt (holly.mcnuttgmail.com)|
|Date: Mon, 27 Aug 2012 20:44:10 -0700 (PDT)|
I'm tellin' ya, it's just that coho is DIFFERENT, that why. We know it's different and better, but to them it's just different. That's all. - h On Aug 27, 2012, at 6:45 PM, R Philip Dowds wrote: > > The interesting issue here is, Why, exactly, would a lender fear cohousing? > I am guessing, but I am imagining that cohousing has lower turnover, fewer > defaults and bankruptcies, and more reliable debt service, and rollover of > debt, than most developer-driven condo projects. You'd think national Coho > could accumulate and process this kind of data, and it could be brought to > bear on loan decisions around the country. Unless, of course, our lenders > are driven by ideology, and immune to information. Could this be true? > > RPD > > On Aug 27, 2012, at 7:59 PM, Doug Huston <huston [at] ashlandcoho.com> wrote: > >> >> Sure. I appreciate the sentiment and it seems congruent with many >> values cohousing folks are likely to have (local, anti-corporate....) >> and your credit union may actually be a cooperative like our local >> one. But will a whole community decide to stake their values to a >> narrower lender base, perhaps at the at the cost of increased rates. >> I'm not positive that the consequences would be as above, but it seems >> plausible. And that would be the fear. >> I think I would be willing to thumb my nose at the powers that be by >> keeping my right-of-first refusal clause and narrowing options, and >> consider that educating them may result in changes - but am admittedly >> an idealist who tells himself he isn't moving anytime soon either. >> At the national cohousing conference in June there was a presentation >> by Lee Bartholomew about some of these issues. If my memory serves me >> well, he is an appraiser and cohousing resident around Davis/ >> Sacramento and is working at educating folks in the real estate world >> to prevent some of the snags cohousers are experiencing. He is keen on >> obtaining data from our communities to provide research to >> reinforcement his message. We're lucky to have his energy and >> willingness. Hopefully someone will provide his info on the list serve >> so that cohousers having these issues can relay the info to him. I >> recall that he is generally trying to collect data from both good >> times and hard times about cohousing resales. >> - Doug Huston >> >> On Aug 27, 2012, at 4:29 PM, R Philip Dowds wrote: >> >>> >>> Shun the local branches of international banks. Try to work with a >>> local bank, or savings and loan. >>> >>> RPD >>> >>> On Aug 27, 2012, at 9:14 AM, "Lautner, Patricia" <Patricia.Lautner [at] >>> umassmed.edu >>>> wrote: >>> >>>> >>>> Is anyone else having problems with lenders? We found out recently >>>> that Chase has put Cohousing on a 'No Go' list and won't provide >>>> financing. We recently had a sale where the buyers were turned >>>> down because the word Cohousing in our name apparently triggered >>>> what is called a "Long Form Review" of our condo docs. Even >>>> though we believe we have very standard - vanilla State of MA condo >>>> docs, we do have a Right of First Refusal clause, a Transfer Fee >>>> clause, and the guest suites are mentioned. So far three different >>>> lenders site one of these mentioned clauses as reason for denying >>>> the mortgage (on a high income, dual income, young couple putting >>>> more than 25% down!) >>>> >>>> I'm on the Board at JPCohousing and we're considering our options. >>>> Please let me know if you've had any problem like this and what >>>> your community is doing about it. >>>> >>>> Thanks, >>>> >>>> Patti >>>> JPCohousing, Boston MA. >>>> >>>> _________________________________________________________________ >>>> Cohousing-L mailing list -- Unsubscribe, archives and other info at: >>>> http://www.cohousing.org/cohousing-L/ >>>> >>>> >>> >>> _________________________________________________________________ >>> Cohousing-L mailing list -- Unsubscribe, archives and other info at: >>> http://www.cohousing.org/cohousing-L/ >>> >> >> _________________________________________________________________ >> Cohousing-L mailing list -- Unsubscribe, archives and other info at: >> http://www.cohousing.org/cohousing-L/ >> >> > > _________________________________________________________________ > Cohousing-L mailing list -- Unsubscribe, archives and other info at: > http://www.cohousing.org/cohousing-L/ > >
- Re: Mortgage lenders and cohousing, (continued)
- Re: Mortgage lenders and cohousing R Philip Dowds, August 27 2012
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