Keith Grebe

When a Buyer makes an offer on a home for sale, and the offer is contingent upon the Buyer's home selling and closing before the sale of the new home, the Seller may accept the offer with the contingency by giving the Buyer a 48 hour of "First Right of Refusal." So if the Seller receives a better offer on the home and they would like to accept it, they would then notify the First Buyer that they have accepted another offer as a back up to the First Buyer's offer. The First Buyer then has 48 hours to remove the contingency upon the sale and closing of their home. If the First Buyer fails to remove the contingency within the 48 hours, the first contract becomes null and void and the second contract goes into first position. The First Buyer loses his contract and the Second Buyer now becomes the new buyer for the home.
It is very important that both Realtors and Sellers and Buyers are very clear in their communications so that no misunderstanding occurs in this process. - Wed May 7 2008, 11:28