Re: Fannie Mae
From: Sharon Villines (
Date: Wed, 4 Aug 2010 08:06:06 -0700 (PDT)

On Aug 4, 2010, at 9:31 AM, Jude Foster wrote:

Yes, we recently revised our CC&R's to remove the 'Right of First Refusal" clause because of this very issue. Part of the tightening of the mortgage and lending market. Our borrowers ran into it not just with Fannie Mae, but
other lenders too.

How do you feel about removing it?

We've had one instance in which we would have used it so I personally would not want it removed. In our situation we had had a unit leased for three years to two women who didn't even nod hello. Fortunately the owners didn't sell to them, and we allowed the owners to continued to lease. Two people appeared who have been wonderful and we hope will stay.

But if the owners had sold to these two women, several residents would have joined forces to purchase the unit on behalf of the association.

Sharon Villines
Takoma Village Cohousing, Washington DC

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