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Amber Pleiss, Real Estate Pro in Greenwood Village, CO

Is anyone still doing Right of First Refusal and if so under what circumstances?

Asked by Amber Pleiss, Greenwood Village, CO Mon Dec 13, 2010

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5
Very infrequently do I still doing Right of First Refusal /
0 votes Thank Flag Link Fri Jul 26, 2013
Amber,

I have seen very few of these contingent offers of late and the ones I have seen have not worked out well for the buyer or the seller. The 48-72 'right of first refusal' is seen as a negative by most buyers and they will invariably hesitate to look or write an offer even when there are few other comparable homes for sale. I don't recommend it accept as a desperate move and a last resort.

As far as Dana's answer - are we allowed to accept and execute a contract and not show it to be a 'right of first refusal in the MLS. Anyone have experience or a thought on this?

Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
0 votes Thank Flag Link Sat Nov 10, 2012
A listing of mine recently negotiated a buyer with a Right of First Refusal The buyer's current home had not closed - but was scheduled for a closing within 2 weeks. I changed my listing wording to request that any other buyer's agent contact me before writing an offer. I made no change to the "Active" status until the Right of First Refusal had been dropped. The Contract to Purchase was Amended and I then changed the MLS to read "Under Contract." The seller was happy as no showings were interrupted. Additionally, the eventual purchaser completed his inspection and appraisal during the time of Right of First Refusal and then proceeded to close quite quickly.
0 votes Thank Flag Link Fri Sep 7, 2012
We seldom do right of first refusal because we dont like to take contracts that are not on solid ground to begin with. Besides, in todays market, as soon as the contract falls there is too many other buyres standing in line.
0 votes Thank Flag Link Wed Jun 27, 2012
I have seen them only with HOA's. Usually high rise buildings. Not very common.
0 votes Thank Flag Link Mon Dec 13, 2010
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