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ROFO with High Price

Last year we purchased our home in Ohio from a seller who also owned a house down the street (both were rental properties). The seller included a right-of-first-offer on the house down the street, as my agent shared with their agent that we were also looking to move my elderly parents into the neighborhood. The seller reached out to us last month saying they were ready to sell the house down the street, and that they would not take less than $500k for it. My agent did a CMA and said the house was worth $300k at most. He also called an appraiser to look at it who appraised the house at $295k (using photos from the last rental listing). The sellers won’t negotiate despite being given the CMA and appraisal. I can’t afford the asking price, and paying $200k over market value seems like a poor financial decision anyway. Are there any other approaches that would work in this situation, or do I just move on with the lesson that right-of-first-offers are pointless, especially when sellers with unreasonable expectations are involved? The seller has not yet listed the house.

submitted by /u/FlyKiter
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source https://www.reddit.com/r/RealEstate/comments/1n2z2jo/rofo_with_high_price/
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