Do not despair...it might be possible to convince your neighbors to eliminate the right of first refusal from your declaration. It is important to have some support from a third party, however, so perhaps you should invite to a condo meeting a realtor and a lender who are both familiar with the neighborhood and FHA financing so that they can answer any of the concerns that your association might have. As the market gets tighter and the lending practices get more conservative, FHA might be the only option available to the buyers for your building. The right of first refusal is an archaic practice that refers to the original co-op model where the board got to decide whether or not they wanted a particular buyer to join their corporation. The fact is that condo associations rarely have the capacity to purchase a unit at the same price and conditions as a buyer. They can refuse to waive the right of 1st refusal, but unless the association shows up at the closing with the necessary funds, the buyer can go ahead and close on the transaction anyway. In these tough times, associations should be looking for ways to make their units more attractive to buyers...not less.