Cohousing-L Mailing List: Re: Have you used your Right of first refusal? (was Re: co-housing unacceptable to Fannie Mae?!?)

[Sharon Villines (sharon]

On 26 Apr 2012, at 5:46 PM, Lyle Scheer wrote:

>       Flip side question to the list... who here has experience of actually
> needing to invoke your right of first refusal.  How many times?  What
> were the circumstances (if you are able to disclose)?

We almost did. We had two renters who were totally non-participatory. Didn't 
even say hello at the mailboxes. This is the only time that has happened here. 
When the owners said they wanted to sell to them, several of us were prepared 
to buy the unit if the association didn't. We have some very financially 
conservative members who would not want to take the risk.

But when we told the owners our objections, they explained to the two women 
what would be expected if they purchased the unit and they withdrew their 
offer. 

We did decide that we preferred our right of first refusal to Fannie Mae — I 
think I mentioned that before.

We are also planning to work on a policy that allows us to use our maintenance 
and capital improvement reserves for the downpayment on a unit if we did have 
to exercise the right of first refusal or to purchase another property. A small 
house was available adjacent to our property that would have made a great 
acquisition for bike storage and a rental unit, but we couldn't get organized 
fast enough to purchase it.

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