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Counteract a Home Sale Contingency? (Right of First Refusal)
Dated: September 21 2020
As a seller, how can you counteract a home sale contingency?
Consider having your agent add a “Right of First Refusal” (ROFR) or “Continued Marketing Addendum” to the contract.
How a “Right of First Refusal” works!
This is an addendum that acts as a happy medium for both a buyer and seller. It allows the seller to continue to market and show the home, and should another offer come in, the seller has to notify the buyer and give them a certain time frame to lift their contingency (usually anywhere between 24-72 hours) and move forward or step aside so the seller can work with the other offer.
Your agent can use an existing offer with a ROFR as leverage with another buyer.
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