DO NOT SURRENDER RIGHT OF FIRST REFUSAL!

Understanding The Sales Process…

The term”right of first refusal” is sometimes used in real estate regarding leases, but this is NOT about leases, but rather selling real estate.  We are referring to the way the term and its application of sales methods and techniques.  The focus of this article is about who is in control of the sale and this is answered by who has the right of first refusal.  The question of who has the right of first refusal is easily answered by who makes the initial offer.  With private treaty sales methods, the Seller makes the initial offer when they place an asking price.  This is what you see with traditional methods today.  The Seller lists a price and a potential buyer exercises the right of first refusal and rejects this initial offer and makes a counter offer.  The Seller with this method of selling is only and ever able to ever receive counter offers because they have surrendered the right of first refusal.