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Old 04-09-2008, 02:52 PM
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Foreclosure & Right of First Refusal

What is the name of your state? Texas

The property next to us is in foreclosure and we have the right of first refusal on it. The bank should have to honor our right when selling it, correct?
  #2  
Old 04-09-2008, 07:21 PM
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Since I do not have a copy of this supposed "right of first refusal" that you speak of I am going to guess that it is between you and the owner of the property, right?



If it is then my answer is [and others here may and will not hesitate to let me know if I am wrong ]

No!


Just talk to the soon to be former owner and buy it from them.
  #3  
Old 04-09-2008, 09:33 PM
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Join Date: Mar 2008
Location: Texas
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In general, foreclosure in Texas cuts off other claims to the property, so I'm with the "no".

However, you should consult counsel if you really want to exercise the right of first refusal. If you really want the property, start negotiating with the bank.
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