HOA and First Right of Refusal Problem for Cash Buyer

[Matt M.]

Friend of mine is trying to pickup a condo deal here in Colorado. The HOA's members have first right of refusal. The unit has a mold problem & needs a full rehab. The problem is that if other members see the agreed upon price, they might make a move on it without knowing all the issues which might result in a higher price for him or not getting it at all.

Has anyone navigated a situation like this before? Any tips, etc. I told him to speak to a RE attorney as it is something I haven't dealt with before. 

[John D.]

Hey Guys,

Just wanted to follow up.   I did purchase the property successfully and do a full rehab and now have positive cash flow on it.  Many owners were interested but no one exercised their first right of refusal.