When you ask a realtor if a piece of land is available. And the response is ""We still have the 48 hour first right of refusal", but "it's still available". What does that mean?

More than likely a neighbor or relative asked to buy it if it was ever sold first.

Thanks. So if someone offered the asking price, then the (neighbor/relative) could then offer more? I know that can happen anyway, but if they wanted it, they should say yes to the asking price. A hold out to get it at less than asking price?

Possibly. If it's a written right of refusal and under a listing agreement with a Realtor it would depend on the language. If verbal between seller and person with right of first refusal , well you know.

You don't have to offer the asking price, you just offer what you want then they will give whoever they promised a give a chance to purchase notice that they have an offer and if they want to buy then they will will need to put an offer in writing and it is up to the owner to decide who to go with. I doubt there is anything in writing with the person they mentioned for first right of refusal, just told the realtor that they wanted to give this person a chance to buy.

As for a bidding war, I would certainly tell your realtor that if there is an offer by the "first refusal person" then you might want to make a better offer. Up to the owner who they want to sell to and for how much.

We have done this with adjacent land we owned and wanted the neighboring property owner to have a chance to buy and knew he said he wanted it but wasn't quick to make an offer so just did this to be courteous.

It means:
- You tell the owner that you want to buy it for $100k.
- Owner agrees to that price.
- The owner has to tell the "person R" with the "first right of refusal" that he is selling it for $100k.
- Person R has 48 hr to tell the owner that they will buy it for $100k.

Person R may own 1/2 and just has to buy out the owner that has permission to sell the property, or who knows. So the owner can't sell it to their kid for 1/4 the price and screw the other guy.

If u want it, just make an offer and give it a few days.

We have a signed first right of refusal on the land next door. It goes two generations deep, and states that they have to take fair value. I forget exactly how is written, but they can't tell us it's 10k an acre, then turn around and sell it for 5k if we pass. It has to be offered back to us.

Appreciate all the responses. Thank you.

Well, we shall see.

Good-Luck!

Thank you!

Well, it worked out good. I offered and it was accepted. The other released the right of refusal (or whatever the official term is). I now close on 40 acres in a couple weeks. It's all hard woods on a hill. This WV hillbilly is ok with that, and the top is the neighbors open fields with corn nearby. Can't wait to get some permanent stands and blinds placed to put my sons and grandsons on some deer. Oh my gosh.

Congrats!!!

Congrats.

Something I would recommend upon purchase is put 5’ t posts at all the property corners.

Congratulations! That must be a great feeling

I grew up on a farm/land. Never thought I'd have some land of my own to hunt/shoot. It IS a great feeling.

The seller had it surveyed two years ago and painted the trees at the corners.

Congrats man! That’s awesome to hear!!

Proud for you!

Congratulations Dan!