|Re: Fannie Mae||<– Date –> <– Thread –>|
|From: Michael Barrett (mbarretttoast.net)|
|Date: Wed, 4 Aug 2010 08:47:14 -0700 (PDT)|
So I tentatively surmise:If an offer is received from a buyer who apparently has no interest in supporting and participating in the community, then the right of first refusal allows the HOA to match that offer and buy the property?
Is that so? And do so repeatedly if the unwanted buyer ups their offer?If so then the mortgage-offering-bank will want to be sure the HOA is a good risk. Is it that banks like named individuals with good stable jobs and excellent credit rather than paper organizations?
Still seeking clarity. Michael----- Original Message ----- From: "Ann Zabaldo" <zabaldo [at] earthlink.net>
To: "Cohousing-L" <cohousing-l [at] cohousing.org> Sent: Wednesday, August 04, 2010 10:19 AM Subject: Re: [C-L]_ Fannie Mae
Like Michael -- I don't understand the reluctance of financing institutions to have this included in the condo docs. Seems as if this would make for a sure sale rather than a delayed one esp. if there is a time limit on the HOA's response time. In TVC's case I think it's just 3 days. AZ Best -- Ann Zabaldo Takoma Village Cohousing Washington, DC Principal, Cohousing Collaborative, LLC Falls Church VA 703 663 3911 On Aug 4, 2010, at 10:11 AM, Michael Barrett wrote:This may be obvious (to all except me) but can someone please explain why lenders object to the right of first refusal. At the same time I confess don't really understand how right of first refusal works. I know the intent to allow the community to have an option when a home is for sale but just how does it work? Michael Barrett at Shadowlake Village, Blacksburg, VA - where a couple of us are working to get our ducks in a row for the annual SLV big camping weekend (as opposed the the smaller informal trips that have already happened). ----- Original Message ----- From: "Jude Foster" <foster.jude [at] gmail.com> To: <cohousing-l [at] cohousing.org> Sent: Wednesday, August 04, 2010 9:31 AM Subject: Re: [C-L]_ Fannie MaeYes, 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. Jude, Trillium Hollow, Portland Oregon_________________________________________________________________ Cohousing-L mailing list -- Unsubscribe, archives and other info at: http://www.cohousing.org/cohousing-L/_________________________________________________________________ Cohousing-L mailing list -- Unsubscribe, archives and other info at: http://www.cohousing.org/cohousing-L/
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- Fannie Mae, (continued)
- Fannie Mae Sharon Villines, August 3 2010
- Re: Fannie Mae Jude Foster, August 4 2010
- Re: Fannie Mae Sharon Villines, August 4 2010
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