What is a Bumpable Buyer?
A bumpable buyer is the same thing as a contingent sale. It means that the buyer owns a house that they must sell in order that they may use the proceeds of that sale to purchase another property. Because their purchase is contingent upon something that the seller has no control over, (when or if the buyer’s house sells), the seller wants to keep their house on the market by listing it as bumpable in the MLS (as opposed to sale pending).
Can you make an offer on a house that is listed as bumpable in the MLS? Absolutely! However, upon acceptance of your offer, the bumpable buyer is given the first right of refusal. This buyer will have between 24 – 72 hrs (depending upon what time frame was initially agreed upon by all parties when the seller accepted a bumpable sale) to remove their contingency. If this buyer is able to purchase the house without selling theirs, (for example, they acquire a different kind of financing), then the status of the house gets changed from bumpable to sale pending in the MLS and all other offers can only be accepted in back-up position.
If the bumpable buyer is not able to proceed without selling their home, their offer is terminated and the seller can proceed with offers from other buyers. Typically, in the Portland, OR real estate market, we only see sellers accepting bumpable offers on their homes in a buyer’s market. We are currently in a buyer’s market.
If you have additional questions, please feel free to contact me directly at phyllis@pointclickandpack.com.