What could be happening here? First right of refusal...
I can't help think there is an agenda and I do not know enough about putting a creative deal together. What could be happening here: What's on paper VS action?:
A family member of mine has the 1st rt of refusal on the home I sold last fall. Due inreconcilable differences of thr party that purchased the home from me the home is up for sale a again, less than 6 months later. The only change made to the house was a carpet in the den. No major upgrades.
Since I owned the home just prior I am aware of where the house could appraise.
My family member that has the first rt of refusal received the notice that the seller has accepted an offer of 297K, 10k down, 287K expected at closing and a traditional 30yr mortgage of 250K. (and for the first time in 15 yrs of having first rt on a variety of properties- the buyer is wishing their name to be not revealed).
Of course within the body of the text there is a clue as to who it might be (small town that has no dance hall!) Between who we think the buyer is and knowing that the seller hasn't been on the up and up the whole time we have known them we think there is an agenda. The house would not appraise for 297K based on what we know.
Senario 1: The buyer is actually going to pay a cash deal lower than the offer. And the buyer does not want my family member to buy the home for the same price. So they are showing one hand while playing another.
Senario 2: The seller is trying to see if my family member will buy the home for more money than they can sell the house to someone else for.
I think Senario 1 is likely but could someone tell me how that can be creatively done without stepping over the legal line? Any thoughts? :roll: