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Buying or Selling a Home/First Right of Refusal Letter

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Question
Hello   Quick question for you.  I'm giving away my timeshare I've been instructed to send a First Right of Refusal Letter to the company. What all needs to be in this letter? I've told them my intent, my property location, our full name and address.  Do I need to give the new owners info at this time????  anything else I might include??  Thank You so much for your time

Answer
Hi Terry.

Thank you for your question. How wonderful of you to share your time!

Unfortunately, I'm not sure why you're being asked to provide the letter.  Naturally, each developer will have some variances in how they handle their business. As I understand the intent of such a letter, it would be that either you or the developer, depending on the circumstances, will have the ability to refuse the -sales- price on an offer. This process was put in place to benefit a developer's project to ensure prices do not drop too low, eventually for less than what the developer can sell its remaining inventory.

If you are giving just a week or so away, and not your part ownership of the property, I don't know that this is the most effective letter.  If you no longer owe anything on your timeshare and you're giving away your stake in the development, then you -may- need some version of the letter.

My suggestion, albeit it may keep you from completing this task today, is to ask the person requesting the letter for a copy of a previous one they have received, and were satisfied with, so you will have a template.  This will not only answer your initial question of what all needs to be included in the letter, but, it should also make the intent / need for it more clear.

Good luck, Terry! I sincerely hope this has helped!
Kathryn

Buying or Selling a Home

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Kathryn Hisert; Realtor

Expertise

Everyone deserves an answer! My rounded background will provide you with information beyond ‘just’ buying and selling. I can answer questions regarding short sales, foreclosures, deed-in-lieu, home staging, vintage home related concerns, most mortgage related questions, and divorcing couples’ housing options. I am a research oriented individual who strongly believes in connecting all the dots and providing as much, or as little, information and communication my clients want or need. My expertise is in San Diego and Santa Clara Counties.

Experience

After 25+ years in the Financial industry, Sales and Marketing, I came to the real estate industry as a mortgage loan agent. From 2002 to 2010 I was my clients' Realtor and loan agent. Since 06/10 I have been strictly a Realtor.

Organizations
N. San Diego County Assoc. of Realtors California Assoc. of Realtors National Association of Realtors

Education/Credentials
CDPE (Certified Distressed Property Expert) CREDS (Certified Real Estate Divorce Specialist)

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