Lake of the Woods recently revoked the restrictive covenant that required sellers to offer their property for sale to their neighbors and the Association before it could be sold to an outside party. The covenant had, for many years, kept Veterans from using their VA mortgage benefit and, until recently, precluded HUD FHA loans as well.
The LOWA General Manager, has issued a memo that says there is no longer a need to complete the paperwork for Paragraph 17. Effective immediately we will not have to include a contingency in our contracts nor follow the 30 day rule.
Click the link and feel free to print and distribute to your lenders and title companies. Revocation of the Rights of First RefusalTweet