Cohousing-L Mailing List: Re: Variations on low cost housing

[Tim Mensch (tim-coho-l]

melanie griffin wrote:
> ...I can't imagine making an offer on a property and
> having to wait a month before the seller would legally be able to say yes or
> no.
I've read and heard that such restrictions (commonly called Right of 
First Refusal) can make banks skittish about lending--and right now 
especially, I wouldn't want banks to be any more skittish. Obviously if 
the community makes good any buys the property, then the bank is safe, 
but banks worry that it will prevent potential buyers from making an 
offer in the first place for exactly the reason you mention.

There's also the logistical challenge of getting a community to agree to 
put up the money to buy the place, which to me seems very unlikely to 
happen unless the buyer is truly and obviously a bad fit--obvious enough 
to achieve consensus among the folks that will end up having to pay to 
buy the house.

Tim

--
Tim Mensch

Currently at Wild Sage (Boulder, CO): http://www.wildsagecohousing.org

Founding member of Tumblerock, a Boulder, CO area community in its forming 
stages: http://tumblerock.org