Reply to Is an oral right of first refusal to a friend enforceable?

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[quote=Anonymous][quote=Anonymous]An oral agreement can be enforceable. However, when my Mom died my Italian Neighbors son was getting married. She wanted house for son. Said please give me right of first refusal when you get top bid I can pay cash. All Oral but we knew her since kids. When I did realtor listing I told agent my neighbor kid wanted it. He said sure. If they top highest offer I will charge you only 1 perent. You only house free and clear and they are paying cash. Just cut me check for my time but your lawyer does settlement. I am not involved.

I said fine. Turns out we had a bidding war. My agent was only charging us 3.5 percent. We went to neighbor and said you can have it at 2.5 percent less than top price if you want.

She then asked what top bid was, she almost fell down. She then said but I can do cash. I said we have cash, as is, no inspection right now and guy can give us 10 percent down today but checking with you first. Turns out she wanted it for $50K below list price and offer was $35k above list price. She said no very quickly.

I thought we were honest.

[/quote]

Agent here.  I have dealt with this situation numerous times. There is always someone in the neighborhood  at the church, a friend's friend who claims right of first refusal.  I always honor it, and they submit an offer.  Generally, the offer is below asking and they either lose in a bidding war or walk away when the seller makes a counteroffer.   I just had to explain to a client yesterday that the nice young woman who brought her three year old to look at the house was indeed a good mother, but that did not qualify her for a $200,000 discount on the house.[/quote]

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