RIght Of First Refusal

[Oscar Martins]

I submitted an offer of 155k on a FHA property two years ago. During the inspection, they found an underground oil tank with contaminated soil on the premises. The seller (FHA) agreed to remove the listing and remove the tank and any take care of the remediation. The contract was cancelled due to the removal and remediation. My earnest deposit was returned. Purchaser will be provided Right of First Refusal once remediation has been cleared.

Fast forward two years. I drove by the property and noticed that the issue has been taken care of. I contacted the listing realtor (same as two years ago) and asked him if he had any news. He stated that he was going to be listing the property again soon. I was under the impression that my offer of 155k still stood since I had ROFR. Obviously market prices have increased in the last two years. Can I hold them to our agreement of two years ago?

[Wayne Brooks]

A right of first refusal doesn’t keep your original price in place....it allows you to match any new offers. Very odd they would give you this.