Cohousing-L Mailing List: mortgage trouble

[Catya Belfer-Shevett (catya]

I'd be interested to know this as well, and also whether any of the MA 
communities have experienced this.

        - catya


Sharon Villines wrote:
> On Oct 10, 2006, at 7:32 PM, Mary English wrote:
>
> > Our community, Wasatch Cohousing, is reviewing our right of first
> > refusal clause this month, because prospective purchasers are being
> > refused morgages due to that clause.
>
> Why are banks refusing mortgages? It seems that all they would care 
> about is that someone would purchase the unit -- that it could be sold.
>
> I would understand if the clause said the community had to approve the 
> buyer. That isn't what right of first refusal means.
>
> Sharon
> -----
> Sharon Villines
> Takoma Village Cohousing, Washington DC
> http://www.takomavillage.org
>
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