Posted by Brent_IL on October 22, 2003 at 06:09:03:
I don’t know what state you’re in, but I think specifying the method of financing would be too broad in scope to be enforceable. The HOA could have restrictions on sub-leasing that might kill the L/O. If you want to preserve that option, take title in a trust (PACTrust ? EHTrust style) so you can transfer the beneficial interest if the option is exercised.
Any bylaws prohibit selling w/ owner financing? - Posted by Mike G
Posted by Mike G on October 21, 2003 at 15:01:14:
W/in the next few months, I will be buying a condo for my personal residence, which I plan to sell w/ owner financing after a few years once I move on to something bigger…w/ either a wrap, CFD, or even L/O if can’t get enough down payment. I’m aware that HOA’s are notorious for making and changing all kinds of rules re renting and I will certainly make my approval of the HOA’s regulations/bylaws a contingency of mine when I have a unit under contract.
But as I hunt around and research all the condos I’m interested in, is there anything I should look out for or ask about re possible HOA regulations/bylaws that may one day prohibit me from selling w/ owner financing? Or would owner financing fall entirely outside of the scope of any HOA regulations/bylaws?