Re: Fannie Mae
From: Sharon Villines (
Date: Wed, 4 Aug 2010 09:01:09 -0700 (PDT)

On Aug 4, 2010, at 11:46 AM, Michael Barrett wrote:

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?

The time period would start with a contract between the buyer and seller so the seller would have accepted the price. Then the HOA has the right to match that price.

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?

The HOA would be the official buyer and either use it's own funds to buy or apply for a mortgage as an HOA. In the one instance in which some residents would have tried to finance a purchase, they would have had to loan or give the down payment to the HOA or convince the HOA to use its own funds to purchase.

We have some very fiscally conservative members so it is unlikely that any of these things would happen in 3 days but in case of emergency, one never knows. What we really need to do is to investigate the possibilities now so we are ready if this occurs again, but......

Sharon Villines
Takoma Village Cohousing, Washington DC

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