Cohousing-L Mailing List: Re: CoHousing Appraisals

[Sharon Villines (sharon]

on 8/17/2002 1:39 PM, William New at williamnew [at] mac.com wrote:

> Suggests that one should early on encourage sales of co-housing units to
> interested parties (e.g. Party A sells to Party B who sells then to Party C
> who later sells back to Party A = three sales on the record for bank
> appraisers to reference as "comparables".  No significant cash actually
> changes hands if everything is done as owner debt financing with an
> assumable note payable to Party A secured by the property.
> 
> These are bona fide sales if title actually passes, deeds are legally
> recorded, and the note is a full recourse instrument with foreclosure rights
> by Party A (thereby protecting A's right to eventually get their unit back).

Even if these are "legal" sales, couldn't they be considered fraud?
Particularly if they are done to establish prices that cannot otherwise be
documented?

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


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