Right of first refusal

[Jim Wineinger]

There has been quite a bit of discussion of legality of wholesaling something you dont own. How it requires a "contract" giving you control of the property.

This may be another way to put a property under your control?

The right of first refusal on a property that someone has shown an interest in selling. This would give them the right to pursue the sale by other means than you and does not obligate you to purchase the property since you can refuse.

I am interested in everyone's thoughts on this subject as far as timing, pitfalls, ect as this thought just occured to me and I am speaking "off the cuff" here with my thoughts and have not looked into it.

Normally to secure this you would pay upfront some amount to secure the right to be contacted before any sale. This might be less than other means such as non-refundable ernest money.

I am not sure it would even be a viable way to go. Those who do this on a regular basis, could this have any helpful applications?