Cohousing-L Mailing List: Re: Foreclosures and short sales

[Diana Carroll (dianaecarroll]

1.  Right of first refusal almost always excludes foreclosures. Lenders
make sure of this before they write the mortgage -- they don't want
anything that interferes with their rights to foreclose.

2.  With or without the right of first refusal, it's certainly a
possibility for a community to pool funds to buy the home.  I bet most
communities don't have the means for that though.

On Thursday, February 12, 2015, Fred-List manager <fholson [at] cohousing.org>
wrote:

>
> Ian Greensides <ian [at] greensides.com <javascript:;>>
> is the author of the message below.  It was posted by
> Fred, the Cohousing-L list manager <fholson [at] cohousing.org <javascript:;>>
> after deleting quoted digest and restoring subject line.
>
> Digest subscribers, please delete most of quoted digest and
> restore subject line when replying.
>
> --------------------  FORWARDED MESSAGE FOLLOWS --------------------
> What if the co-housing community had the first right of refusal to
> repurchase the homes, if they fell into foreclosure, or a deed
> restriction of some type that did the same thing?
>
> Then the community could buy the property back, and sell it at market
> value?
>
> _________________________________________________________________
> Cohousing-L mailing list -- Unsubscribe, archives and other info at:
> http://www.cohousing.org/cohousing-L/
>
>
>