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…

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Russ Ravary, Agent, Commerce Township, MI
Mon Mar 4, 2013
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.
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Lori Mills, Agent, Fort Wayne, IN
Mon Jan 21, 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
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Sandy Larkin, Agent, Fort Wayne, IN
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.
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Andrea Patte…, Agent, Fort Wayne, IN
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
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Sue Teasdale, Agent, Fort Wayne, IN
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®

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