07:25AM | 05/28/03
Member Since: 05/27/03
2 lifetime posts
We want to make an offer on a house that has the statement "48 Hour Right Of First Refusal." Do we need to put our offer in as a backup offer our just put in the offer.
Is this something the owners will see and possibly drop the first offer and pick up ours?
I would ask my broker but I'm not sure if he represents the other buyer.
Any help is greatly appreciated.

Thank You

Jay J

08:39AM | 05/28/03
Member Since: 10/26/00
782 lifetime posts
Hi earlcory,

How much are you spending on this home assuming you're buying it??? No, wait - Don't answer that.

Figure that amount of $$$, x's 3 over 30 years, and figure out how much $$$ you'll spend on just the home. Keep that amount in mind and weigh that against the few 100 $$$s it would cost you to hire a Real Estate Attorney. Do you see my point??! Sometimes, spending a few 100 $$$s on an Attorney is $$$ well spent. I think this time is one of those times. (NOW you're paying someone to look after YOUR interests, and you're getting your $$$s worth!)

That's the best advice I can give you. My best to ya and hope this helps.

Jay J -Moderator

PS: I hope you're hiring a Home Inspector. (See for guidance. No, I'm not compensated by ASHI, nor do I work for them. Their approved Inspectors have to meet certain criteria to be an Inspector. Again, it's $$$ well spent ...)

PPS: God Bless America!

[This message has been edited by Jay J (edited May 29, 2003).]


11:16AM | 05/29/03
Member Since: 10/15/02
359 lifetime posts
What JJ said is true about a home inspector. We had a home we were planning on buying inspected and found many many problems that proved the house was not worth the money they were asking. Unfortunatley the house we did buy, we did not get inspected, which proved costly on our part, but after the work has been completed, it was realized that the value of the house is worth double what we actually paid for it, so I guess we did OK.


01:59PM | 06/04/03
Member Since: 01/03/03
97 lifetime posts
I am assuming by first right of refusal they have someone that already wanted to buy the home before it was listed. If you put in the offer the other people have 48 hours to put in an offer and that gets put ahead of yours. I am assuming that is what they are referring to, if you do have any questions as all real estate laws state to state are different contact a real estate lawyer NOT a general lawyer that attempts to handle real estate they cause more harm then good. good luck


01:41AM | 06/05/03
Member Since: 05/27/03
2 lifetime posts
I guess the offer on the house now has a contingency "The sale of their house", but I'm in the same situation so I guess it will come down to who sells their house first. The problem I face is if we do sell our house they still have 48 hours to sell their house or get a bridge loan.

Thank You for your advice.



Post a reply as Anonymous

Photo must be in JPG, GIF or PNG format and less than 5MB.


type the code from the image


Post_new_button or Login_button

A simple banquette piled with pillows and lit from above with a wall sconce is a tempting spot to curl up with a favorite ... Built on a rocky island in the Drina River, near the town of Bajina Basta, Serbia, this wooden house was cobbled together ... Large steel-framed windows flood the interior of this remodeled Michigan barn with daylight. The owners hired Northworks A... Edging formed with upside-down wine bottles is a refreshing change. Cleverly and artistically involving recycled materials... A Washington State couple called on BC&J Architects to transform their 400-square-foot boathouse into a hub for family bea... Similar to the elevated utensil concept, hanging your pots and pans from a ceiling-mounted rack keeps them nearby and easy... For windows, doors, and mirrors that could use a little definition, the Naples Etched Glass Border adds a decorative flora... The thyme growing between these stepping stones adds a heady fragrance to strolls along this lush, low-maintenance garden ... Decoupage is an easy way to add any paper design to your switch plate, whether it is wallpaper, scrapbook paper, book page... Twine lanterns add pops of crafty—but sophisticated—flair to any outdoor setting. Wrap glue-soaked twine around a balloon ... When securely fastened to a tree or the ceiling of a porch, a pallet and some cushioning make the ideal place to lounge. V... Reluctant to throw away any of those unidentified keys in your junk drawer? Hang them from a few chains attached to a simp... A stripped-down model, sans screened porch, starts out at $79,000. Add the porch, a heated floor for the bath, and all the... Salvaged boards in varying widths and colors make up the dramatic accent wall in this attic space. The high-gloss white of... This garden shed has been decked out to the nines. Designer Orla Kiely created the intimate home for a flower trade show, ...
Newsletter_icon Google_plus Facebook Twitter Pinterest Youtube Rss_icon