Should You Make an Offer on a Bumpable Home?

You find the perfect home.

Then you read the remarks and see one word:

Bumpable.

Many buyers assume the home is already sold.

As a result, they move on to the next listing.

However, that may be a mistake.

A bumpable home can still be an excellent opportunity. In fact, many buyers successfully purchase homes that were once marked as bumpable.

Let’s take a closer look at what that term means.

What Does “Bumpable” Mean?

A bumpable home already has an accepted offer.

However, that offer usually includes a contingency. In many cases, the buyer must sell their current home before they can complete the purchase.

Because of that contingency, the seller may continue to market the property.

If another buyer submits an acceptable offer, the seller may have the right to notify the first buyer that they must remove their contingency within a specific time period or risk losing the home. The exact process depends on the terms of the purchase agreement.

Why Would a Seller Accept a Bumpable Offer?

Selling a home is all about balancing risk and opportunity.

Sometimes, a seller receives an offer from a buyer who needs to sell their current home first.

Instead of rejecting the offer, the seller may accept it while keeping the option to consider other buyers.

As a result, the seller can continue moving toward a sale without completely closing the door on stronger offers.

Should You Still Look at a Bumpable Home?

Absolutely.

Many buyers skip bumpable homes because they assume they have no chance.

However, real estate transactions change every day.

For example, financing can fall through.

A home inspection may uncover unexpected issues.

In addition, a buyer’s home may not sell as planned.

Because of this, some bumpable homes become available again.

If you love the property, it may still be worth seeing.

What Happens If You Make an Offer?

Every situation is different.

In some cases, your offer may become a backup offer.

In other situations, your offer could require the first buyer to decide whether to remove their contingency.

Either way, your offer may put you in a strong position if the first transaction does not move forward.

Is There Any Risk?

Like any offer, there are things to consider.

For example, you may spend time preparing an offer without knowing whether the first buyer will complete the purchase.

Even so, if the home checks all the boxes, many buyers feel the opportunity is worth the effort.

Your REALTOR® can explain the process and help you decide whether submitting an offer makes sense.

Don’t Rule Out a Great Home

One of the biggest mistakes buyers make is ignoring bumpable properties.

The home may still become available.

In fact, backup offers are accepted more often than many people realize.

That’s why it’s important to keep an open mind.

If a home fits your needs, it is still worth taking a look.

Kolleen’s Perspective

I always encourage my buyers to ask questions before crossing a home off their list.

A bumpable property is not the same as a sold property.

Every transaction is different. Sometimes the first contract closes without any issues. Other times, circumstances change.

Because of that, I believe buyers should focus on finding the right home rather than making assumptions based on one word in the listing.

If you’re searching for a home in Southwest Washington, I’d be happy to explain how bumpable properties work and help you decide whether making an offer is the right move for your situation.