Cohousing-L Mailing List: Re: Right of first refusal

[Sharon Villines (sharon]

> On Mar 9, 2017, at 10:28 AM, Jude Foster <foster.jude [at] gmail.com> wrote:
> 
> We were informed that Freddie Mac (FHLMC) does not allow this clause or 
> practice (chapter 42.2-e of the FHLMC manual).  After that, our Board 
> investigated and discovered that it was not allowed by state law, which 
> Marcia from Columbia Ecovillage mentions in her post.  We then amended our 
> Declaration to remove that Right of First Refusal.    No problems since.

When this was discussed a few years ago, one suggestion was to make an 
exception for banks. Banks are afraid if they need to foreclose a long approval 
process would not be in their interests.

We do have one, without the exception for banks, and have not had problems 
getting mortgages. We’ve never exercised it.

For the community the other concern is units that go into an estate. The estate 
beneficiaries may not understand cohousing and may not even be local.

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