Active – first right means the home seller has made a prior arrangement with a homebuyer, who will be given the chance to match any subsequent offers. This is sometimes done when buyers must first sell their present home before they can buy the seller’s home.
For example, Bob wants to buy Sally’s home, but needs to sell his own home first. Bob makes an offer to Sally which includes a contingency that allows him to back out of the deal if he cannot sell his home. Meanwhile, Sally is able to solicit offers from other buyers. If Pete makes an offer on Sally’s home, she must give Bob the chance to buy the home under the same terms offered by Pete. If Bob can’t or won’t match the offer, Pete can buy the home from Sally. Contact Bernardi Real Estate Group.