Does the right of first refusal apply even if the former owner cannot afford to buy back the property?
Yes. The right of first refusal is an absolute right of the former owner that must be provided by the qualified lender. If the former owner offers to buy or lease the property but then cannot obtain funds to complete the transaction, the qualified lender may, after giving the former owner a reasonable opportunity to obtain funds, offer the property to third parties.
Related Questions
- I’m concerned about the permanence of the foreclosure sale I’m contemplating. Doesn’t the former owner have the right to buy the house back within a year?
- If I buy property from a Tax Foreclosure/Constable Sale will I have to worry about a previous owner regaining ownership?
- Will current Strathearn Heights tenants be given right of first refusal to buy units in the new development?
