Cohousing-L Mailing List: Anyone Heard About Bank Restrictions on Non-MLS Sales?

[Dave and Diane (daveanddee]

Hi everyone,

At Jamaica Plain Cohousing in Boston, we have been doing our own unit  
sales since 2005 when we moved in. The other day I showed a unit for  
sale to an appraiser and she asked me why it was not listed in the  
MLS. (Answer: We've never had a problem selling units on our own. Why  
pay for MLS?)

She said that the banks have tightened lending standards and some  
will not loan to properties that are not listed in the MLS. The bank  
she is working with only allows one non-MLS property per development.  
Anyone else heard of this situation?

Diane Simpson
Jamaica Plain Cohousing
Boston, MA