Posted on January 12, 2006
Between active and pending, there is the bumpable buyer. If a buyer has to write an offer subject to the sale of another property and the offer is accepted, the buyer is considered “bumpable.” The seller may still actively market their property and if they get another offer that they consider acceptable, they must go back to the bumpable buyer and give them the opportunity to remove the contingency and proceed with the sale or walk away from the transaction. The bumpable buyer usually has 24-72 hours to make a decision.
The contingency is usually removed by one of the following ways: the buyer has an accepted offer on their property or the buyer is able to make the purchase of the new home without the sale of their existing home (often through a bridge loan). Once the contingency is removed, the transaction becomes “pending.”