I am a tenant in a property that has been foreclosed on due to my landlord's non-payment of his mortgage. The property sold yesterday through an auction, and the bank that was foreclosing purchased it at a price of $300K. Can I exercise my right of first refusal on the bank's purchase price, or do I have to wait until the bank sells it on the open market?
Speeding / Traffic Ticket Lawyer
Your right of first refusal was with the former owner of this property (your landlord) whose rights with respect to the property would've terminated with its auction(along with your right of first refusal). The new owner(the bank) would have no obligation to honor this particular right of first refusal which would've vaporized with the auction of the property.
Michael E. Hendrickson
Attorney & Counsellor at Law
211 North Union Street Suite 100
Alexandria, virginia 22314