Cohousing-L Mailing List: Re: Fannie Mae

[Sharon Villines (sharon]

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
----
Sharon Villines
Takoma Village Cohousing, Washington DC
http://www.takomavillage.org