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earlcorey

07:25AM | 05/28/03
Member Since: 05/27/03
2 lifetime posts
Bvrealestate
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 www.ashi.com 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).]

ACD

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.

rmurray223

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

earlcorey

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.

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