Cohousing-L Mailing List: Re: still happening...........

[Diana Carroll (dianaecarroll]

This happens too often. :-(.

I advise buyers and sellers to simply not even mention the word "cohousing"
EVER in the mortgage process, including to the appraiser. From the
perspective of the banks, they are happiest when it is just a condo, plain
and simple. Whoever worked with the appraiser should be advised to just
stick with the fact of it being a condo. Don't try to make cohousing a
plus!  It should be but isn't.

On Saturday, April 25, 2015, Leah via Cohousing-L <cohousing-l [at] 
cohousing.org>
wrote:

>
> Just an FYI for you choosing advocates- I was supposed to close on my
> house in Ashland Cohousing Community this week. (unfortunately I had to
> move to Missoula Montana, a nice place but one sorely lacking in cohousing)
> There was all sorts of delays from the buyers mortgage guy that I just
> assumed was typical paperwork stuff. He finally called me thursday to tell
> me that the wholesale mortgage company that was going to give her a loan
> had decided to turn it down because she read what the appraisal guy had
> written about having common property and being cohousing. He read me what
> the appraisal said. It was very positive. However this chick in an office
> decided that wasn't a life she would live so she said that the potential
> market for people that would want to buy this house (I assume if it
> foreclosed) was too narrow so it was too risky. The mortgage guy was really
> angry about it and sent all this info about other houses that had sold in
> our community, which is only really 3 because we h
>  ave only been there 8 years and of course because we love cohousing and
> don't want to leave! I didn't hear back yesterday so I assume she didn't
> buy it and now my buyer has to start all over again! I have no doubt she
> will get a loan so it is not a huge problem but it is pretty upsetting that
> people still look at this very desirable form of housing as a "downside"! I
> wanted to send her just the queries of interest we get on our website every
> week and ask her how this could be a downside!
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