If your condo assocation has the language of "Right of First Refusal" than you should seriously consider coming together with other members in your building to get this amended. This typically would require an amendment to your condo documentation.
The Benefit
The main benefit of this is to increase or at least maintain the value of your building or complex. Spending a little money now will reward you down the road. FHA loans are now becoming the majority of all loans especially for first time home buyers. Condos, Townhomes and Duplexes traditionally attract first time home buyers as the target market because of size, price and low maintenance. That being said, if your condo association has the language "Right Of First Refusal" than you are eliminating a majority of the willing and able buyers that could potentially purchase a condo or unit in your association. This will reduce demand and in return devalue your property substantially. Right now this language is eating away your equity.
This image is just for illustration purposes and used to help demonstrate how your equity could be affected by eliminating buyers with FHA loans due to the decrease of demand. These are not based off any data sources and shouldn't be considered accurate loss of equity.You can contact me directly at (815) 301-7007 or email me at IllinoisAgent@gmail.com.
Ramond Kennedy
Tinley Park Condo Expert & Consultant
RE/MAX Team 2000
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