Cohousing-L Mailing List: Re: right of first refusal - discriminatory history

[Sharon Villines (sharon]

On Aug 4, 2010, at 1:43 PM, Michael Barrett wrote:

> I imagine banks keep away from rights of first refusal so that they  
> can't be
> accused of any association with discrimination.

Bankers are extremely conservative. I think they would be more likely  
to believe those radical non-discriminators were a bad investment.

They are looking at the money end -- is their investment potentially  
at risk.

The point Diana makes about the HOA not closing and the original buyer  
being gone is a good one.

The problem is that if the bylaws said that the closing had to take  
place in the shortest amount of time possible -- 2 weeks? -- the  
blanket rule wouldn't allow protections for the bank. The community  
would have to have all the funds in the bank or some kind of blanket  
mortgage agreement in place.

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