stevenandpam…, Home Buyer in Fort Wayne, IN

What does *Contingent Offer with 24 Hr. 1st right of Refusal* mean?

Asked by stevenandpamela, Fort Wayne, IN Mon Jan 21, 2013

--
This question was asked from this property: http://www.trulia.com/property/3098726722-5236-Litchfield-Rd…

Help the community by answering this question:

Answers

6
It means the sellers have an signed offer that most likely has the buyer wanting to sell their house first. So if you offer the first buyers either have to release the contingency to sell their home first or they must release the home to you the next buyer.
0 votes Thank Flag Link Mon Mar 4, 2013
This means the person buying the home has placed on a contingency on his purchase offer of a home, that he will purchase that home "contingent" upon him selling his home. 24-hour right of refusal means, someone else can put in an offer on the same home as him, but he will be given 24-hours to let the seller know if he will purchase the new home, even if he does not sell his own.

I hope this was helpful.
Thank you,
Lori Mills
Century 21
260-385-4092
0 votes Thank Flag Link Mon Jan 21, 2013
This means there is an excepted offer on the property, HOWEVER, the sale is contingent(usually) upon the sale of their home. So, if another offer comes in, buyer has 24 hours to decide if they will remove the contingency, and proceed with the sale, or let the property go.
0 votes Thank Flag Link Mon Jan 21, 2013
Hi Steven and Pamela,

It means that the buyer has a home to sell before they are willing to purchase that home. So the buyer and seller have agreed on a purchase price but the buyer chooses to not buy that home until their home has an offer. If another buyer comes along and makes an offer on this home then the first buyer would have 24 hours to get back to to the seller and move forward with the purchase without seller their home. If they can not do that then the second buyer would have the option to move forward with the purchase. Does that make sense?

If you have any other questions feel free to give me a call. I also have a listing in Arlington Park that is a great deal! Listed for $165,000, finished basement and over 3,000 sq. ft. I would be happy to show it to you if that is the area you are interested in.

Thank you!

Andrea Patterson
Coldwell Banker Roth Wehrly Graber
260-403-6818
0 votes Thank Flag Link Mon Jan 21, 2013
Hi Steve and Pamela,

"Contingent Offer with 24 Hr. 1st right of Refusal" means that the owners of this property have already accepted an offer from another buyer. BUT, those buyers have a home to sell before they can proceed with the purchase.

If the sellers get ANOTHER offer, they have to give the 1st buyers 24 hours notice before they can accept the 2nd offer. This USUALLY means that the 1st buyer will have to proceed with the buy before they sell their own home. That is something buyer 1 may or may not be able to do.
I would be very happy to answer any other questions you may have and/or to show you some homes!

Take care,
Sue Teasdale, REALTOR®
260-602-5022

Look for homes AND sign up for our next contest give-away - the prize this time is an iPad!!
go to http://www.steasdale.cbrwg.com/ and look for the link near the upper right corner of the page to register.

Relocation Inventory Specialist
Coldwell Banker Roth Wehrly Graber - Coventry Office
5503 Coventry Lane, Fort Wayne, IN 46804
office phone: (260) 435-6307
fax (260) 489-0606
steasdale@CBRWG.com

If you have a minute (really 88 seconds), please check out this video from our owners.
http://www.youtube.com/watch?v=y9g7pfRxxWk&feature=youtu…

"We Sell More Because We DO More"
0 votes Thank Flag Link Mon Jan 21, 2013
Hi Steven and Pamela. It means that there is an accepted offer on this home, but the buyers have yet to sell their current home. If they get another offer that is not contingent, the current buyers have 24 hours to lift their contingency by getting their home under contract.

Make sense?

Any other questions feel free to email me directly at JaredChristiansen@gmail.com or call me at 260.704.0842. Thanks!
0 votes Thank Flag Link Mon Jan 21, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer