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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] I Disagree Posted by Bill H on April 20, 2008 at 6:22 AM In Reply to: Good idea, Jerry. posted by CC in OC on April 19, 2008 at 6:52 PM : Thanks. I disagree that giving a right of first refusal will solve he problem. What they are being sued on is "What is/was the INTENT of the transaction" If you give an "Option" to the former owner...CLEARLY the intent was that they have some right to repurchase. If you give a "Right of First Refusal" to the former owner...again... CLEARLY the intent was that they have some right to repurchase. In both cases it can be argued that what you did was give them and equitable mortgage and the right to repurchase. Michigan, I believe, has such a statute for pre-foreclosure. If it were me...I buy the house..PERIOD...if at some later time they wish to re-purchase I might consider it BUT under NO curcumstances woudl I give them any clearly defined "rights to repurchase." Good Luck, Bill H Follow Ups: Re: I Disagree Jerry - Ca. 11:06 AM, 04/21/08 (2) Another thought Jerry... Bill H 2:49 PM, 04/21/08 (0) Re: I Disagree Bill H 1:30 PM, 04/21/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Thanks. : : I disagree that giving a right of first refusal will solve he problem. : What they are being sued on is "What is/was the INTENT of the transaction" : If you give an "Option" to the former owner...CLEARLY the intent was that they have some right to repurchase. : If you give a "Right of First Refusal" to the former owner...again... CLEARLY the intent was that they have some right to repurchase. : In both cases it can be argued that what you did was give them and equitable mortgage and the right to repurchase. : Michigan, I believe, has such a statute for pre-foreclosure. : If it were me...I buy the house..PERIOD...if at some later time they wish to re-purchase I might consider it BUT under NO curcumstances woudl I give them any clearly defined "rights to repurchase." : Good Luck, : Bill H [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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