|Re: Right of first refusal||<– Date –> <– Thread –>|
|From: Sharon Villines (sharonsharonvillines.com)|
|Date: Thu, 9 Mar 2017 08:17:31 -0800 (PST)|
> On Mar 9, 2017, at 10:28 AM, Jude Foster <foster.jude [at] gmail.com> wrote: > > We were informed that Freddie Mac (FHLMC) does not allow this clause or > practice (chapter 42.2-e of the FHLMC manual). After that, our Board > investigated and discovered that it was not allowed by state law, which > Marcia from Columbia Ecovillage mentions in her post. We then amended our > Declaration to remove that Right of First Refusal. No problems since. When this was discussed a few years ago, one suggestion was to make an exception for banks. Banks are afraid if they need to foreclose a long approval process would not be in their interests. We do have one, without the exception for banks, and have not had problems getting mortgages. We’ve never exercised it. For the community the other concern is units that go into an estate. The estate beneficiaries may not understand cohousing and may not even be local. Sharon ---- Sharon Villines Takoma Village Cohousing, Washington DC http://www.takomavillage.org
- Re: Right of first refusal, (continued)
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