What does Ruth 4:4 mean?

'So I wanted to let you know about it and give you the chance to buy it in front of these witnesses. If you want to redeem it, go ahead. But if not, let me know, because I'm next in line after you.' The man replied, 'I'll redeem it.' Ruth 4:4 - Modern Text Bible

(Boaz offers the opportunity to the closer relative first, following the law. The man agrees, not yet knowing the full situation.)