Re: Waiting List Maintenance - How is it done? (Richard P)
From: Sharon Villines (sharonsharonvillines.com)
Date: Tue, 19 Feb 2013 08:35:33 -0800 (PST)
On Feb 19, 2013, at 10:01 AM, 111rmp [at] gmail.com wrote:

> We are at the stage where we need to maintain a fair and effective waiting
> list for the purchase of homes in our community. Yes we are one home short
> of fully occupied and there is also a lot of interest including the
> potential for people to be competing for homes.

There is a huge distinction between before move-in and post move-in, so we need 
to be clear that we are talking about post move-in

If there is a waiting list and sellers are obligated to offer first to the 
list, who sets the sales price? What happens if the owner refuses the offer of 
the first person on the list as too low but then later offers or sells at that 
or a lower price to someone else. This sounds like a quagmire that is probably 
unnecessary and building bad karma for the whole community.

We have an informal notification list and everyone on the list is notified when 
a unit comes up for sale. I don't thing it is by size of unit. Owners have so 
far attempted to sell internally before advertising elsewhere but there is no 
requirement to do this.

When more than one person has wanted a unit, there is a bidding war, just like 
in other real estate sales, or the owner chooses to whom they wish to sell. 
We've had several bidding wars that made the rest of us dizzy.

From our Bylaws:

> 15.2 Sale of Units. Upon notification of an Owner’s intent to sell, Takoma 
> Village Homeowners Association or its designee shall have the exclusive right 
> to purchase the unit for forty-five (45) days. If, after a unit has been on 
> the open market, an offer is received, the Association shall have three (3) 
> days to exercise its right of first refusal.

We have waved the 45 day right  at the seller's request and haven't made any 
financial decisions that would enable us to buy a unit within the 3 day right 
of first refusal window.

Sharon
----
Sharon Villines
Takoma Village Cohousing, Washington DC
http://www.takomavillage.org





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