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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Another thought Jerry... Posted by Bill H on April 21, 2008 at 2:49 PM In Reply to: Re: I Disagree posted by Jerry - Ca. on April 21, 2008 at 11:06 AM : Bill: : The code statute cited specifically uses the legal term "option". By definition (as defined in the "Foreclosure Glossary at the left) there is no way that a "first right of refusal" can be legally construed as an "option" or the giving of an "equitable interest" in the property! There is no time limit set ... No price set ... No terms of prchase spelled out ... No consideration given ... Etc.! : Jerry-CA. : XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX : : 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 By giving me a Right of First Refusal you cannot complete a sale transaction on the property until I have either accepted or refused. Could it not be argued/litigated that this is an interest in the property? Just something to think about. Good Luck, Bill H Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Bill: : : The code statute cited specifically uses the legal term "option". By definition (as defined in the "Foreclosure Glossary at the left) there is no way that a "first right of refusal" can be legally construed as an "option" or the giving of an "equitable interest" in the property! There is no time limit set ... No price set ... No terms of prchase spelled out ... No consideration given ... Etc.! : : Jerry-CA. : : XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX : : : 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 : : By giving me a Right of First Refusal you cannot complete a sale transaction on the property until I have either accepted or refused. : Could it not be argued/litigated that this is an interest in the property? : Just something to think about. : 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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