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Hey guys

I bid on a TM property....  So after reading another thread on here I now realize that whoever had the property last year has a ROFR.  
 

Two questions:

1) They still need to make at least one bid if they want to exercise the ROFR, Correct?

2) If I win the auction, and they exercise the ROFR by matching my bid, do I get the opportunity to counter?  
 

I am assuming no to #2....  Which sucks, because your basically bidding against yourself.... 

 

 

Edited by DoubleLung
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I leased from them one year.  It was a disaster.  

1.  I think they just reach out to the current lessee and ask if they want to match you.

2.  No.  Yes it sucks.  If it's a good property, you're just driving up the price for the current guy.  If it's not good, they won't match.

There is an email contact there to confirm all of this.  They're pretty responsive.

 

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Dlist777 - Why was it a disaster?   
 

And yea it really sucks that you don’t get to counter because now I’m basically bidding against myself.    
 

I was watching a property for about 3 weeks.   No offers - So I say ok we are T - 1 week out let me make my bid and see what happens.   Offer submitted, met the reserve all was good.   Literally 30min after my bid another one comes in.   Lol.    I was like WTF!

Starting thinking - That has to be last years lease holder..   If I were the former lease holder I would have an alert set notifying me that a bid was made, then make a low bid just to get the ROFR exercisable.  It only makes sense.   

I went right back in and upped my offer...  Let’s see what happens.

That “disaster” comment though.....   Need some details brother.  
 

 

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TM was pretty shady in the past with honoring pricing to the previous lease holder.  They always wanted to jack up the price and played games.  Example we bid say $5000 on a property, same price we paid the year before and already insanely high.  No one bid higher but they wouldn't honor our bid.  They said they had to get more money.  Or they'd say someone bid higher do we want to match it and we would pass, then they'd contact us days later and say the other bidder dropped out but still wouldn't give it to us for our bid. So that was the beginning of the end.  Club dissolved after losing a part of our lease.  Too many games.  Maybe it's gotten better with the online system.    

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We leased land from them.
Property wasn't posted correctly
We asked them numerous times to fix it and after like 5 years we said screw it and dumped the land.
They chased us at cheaper price to take it back and we told them no.
Its supposed to be if you don't bid what you paid last year you don't get a chnace to match new high bid- but we didn't bid and they offered us to match anyway.
Which is kind of nice in case we forgot on accident.. but also against their own rules and stinks for new high bidder..

They also raise you $100/yr for "inflation" which is kind of alot.

Sent from my SM-G986U using Tapatalk

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See if a Somerset county park property is up for bid. Beautiful property surrounded by private property. It's been semi-wild, ridiculous dues, I would say at least 200 acres . It's right by Fiddlers Elbow Country Club. Saw a monster buck on it twice. Oh, I think the lease has been going out to a connected person. I was going to file the paperwork, just to see what they are paying the county.

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5 hours ago, Jerzguy2 said:

See if a Somerset county park property is up for bid. Beautiful property surrounded by private property. It's been semi-wild, ridiculous dues, I would say at least 200 acres . It's right by Fiddlers Elbow Country Club. Saw a monster buck on it twice. Oh, I think the lease has been going out to a connected person. I was going to file the paperwork, just to see what they are paying the county.

I was involved in the Somerset County Park hunting program/bidding.  We had a nice 300 + acre property for years; had to re-bid every 3 years, I think.  It wasn't cheap but held quite a few good size bucks.  If I remember, the County either wanted all of the hunters to be from Somerset County or at least a majority.   

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This is why property is so expensive to lease in NJ

 

HONOR THE FALLEN
https://thefallen.militarytimes.com/
Over the years the US has sent many of its fine young men & women into great peril to fight for freedom beyond our borders. The only amount of land we have ever asked for in return, is enough to bury those that did not return. COLIN POWELL

 

 

 

 

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  • 3 years later...

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