Re: Right of first refusal
From: MikeAngelastro (MikeAngelastrocomcast.net)
Date: Tue, 10 Oct 2006 11:42:52 -0700 (PDT)
You will immediately make your units unavailable for FHA insured loans.  The 
FHA views these clauses as discriminatory.  Also VA loans would be excluded.

This decreases the flexibility of prospective buyers.  In our community it has 
meant higher move in costs on at least three occasions I know of.

-------------- Original message -------------- 
From: "Susan L. Hedgpeth" <hedgpeth [at] berkeley.edu> 

> Hi all, 
> 
> We are a California cohousing community (organized as a condominium HOA) 
> exploring the idea of adding a right of first refusal clause to our bylaws. 
> As we understand it, this would mean that in a situation where a seller is 
> in contract to sell to a buyer whom the community has serious reservations 
> about, the HOA could decide to buy the unit at the contract price. 
> 
> We'd like to hear from other communities that have looked into or set up 
> right of first refusal. How, exactly, does it work? Do you know if it's 
> legal in California? Have you actually exercised the right of first refusal 
> yet? How did you/would you decide if concerns are serious enough to use 
> this right? How would you handle the financial end? 
> 
> Please feel free to respond privately if you don't want to respond to the 
> list. 
> 
> Thanks very much. 
> 
> 
> 
> Susan Hedgpeth 
> Pleasant Hill Cohousing 
> Pleasant Hill, California, USA 
> (San Francisco Bay Area) 
> http://phch.org 
> 
> 
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