Home buyers often have to sell their first home before they can purchase another. Unfortunately, they still need to search for homes and make offers or they could be homeless once their sale goes through. To do that, they need to make home offers that have the contingency of them needing to sell their home first.
The issue is that home offers with contingencies can be very unattractive to sellers. Therefore, your offer is likely to be rejected.
However, there is one trick that you can use to make your offer more appealing. That is to become a Zillow bumpable buyer or one on any home selling platform. Read on to learn more about how to make this type of home offer.
A Zillow bumpable buyer or one on any selling site is a buyer with a 'bump clause' on their home sale contract. This clause allows a seller to reject the home buyer's offer even after he or she has accepted it.
Usually, this type of contract is created because the buyer has a contingency that needs to be met before he or she can buy the house. If another offer comes alone without a contingency, the seller can bump the buyer with a contingency. He or she will give the prospective buyer 24 to 48 hours to remove the contingency or the offer will get rejected.
A home offer with a contingency can be risky for sellers. If you're having to sell your home first, there's the possibility that your home could take months to sell. All that time, the seller will have to wait to get money for their home.
A bumpable offer is a lot less risky for the seller. He or she can easily back out should they get an offer that can buy their home right away. Thus, he or she will be more likely to accept it rather than reject it outright.
This will allow you, the buyer, to get your foot in the door and possibly win the purchase.
If the home listing is on a multiple listing service (MLS), its status will change from 'active' to 'bumpable'. Any home buyer that sees this will know that he or she can still make an offer on the home, preferably one without a contingency.
In the best-case scenario, you will sell your home before someone else makes an offer.
In sum, being a Zillow bumpable buyer can end up benefitting both you and the seller. If you truly wish to have the most convenient home selling and buying experience possible, this method can be a great tool.
Also, if you need help navigating the real estate world, look no further than Willcuts Company Realtors. We're the #1 brokerage in Yamhill County and offer a wide variety of real estate services. Contact us now to get started on your dream home search.
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