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The wording being referenced is...
"The right of a unit owner to sell, transfer, or otherwise convey his or her unit in a condominium shall not be subject to any right of first refusal or similar restriction. It is recommended that the declaration affirmatively provide that a unit owner may transfer his or her unit free of any such restriction."
See Link to HUD/FHA Handbook 4265.1, Appendix 24 for more info.
Given that this is a HUD/FHA restriction, it seems possible that you could refi if it was not an FHA product (i.e., "private money" can do what it wants...more or less). However, so much is now tied back to govt backing or regs that even non-FHA products may have their hands tied.
Also, from what I have seen on Zillow discussions, it's possible that the only viable option is via FHA...due to LTV/credit issues.
Hopefully, a more informed mortgage-type can chime in and clarify if the restriction can be finessed by avoiding FHA products.
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"Rite of First Refusal" written into a Sales contract
sara bonert, "Sara Bonert"
Chicago, IL
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