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Contingency Bump Notice |
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I've made an offer on a house, that currently has a primary buyer with a home sell contingency. The Seller has accepted my offer, but needs to give the primary buyer a "bump" notice. If the primary buyer waives their contingency, does the Seller then have the right to choose which contract he goes with? Or does he have to honor the first buyer's contract? |
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Understand, I'm not a lawyer and I haven't seen the contract involved (boy, I say that so often my fingers type it automatically). And then always comes the "But..." But it's usual, if those first buyers agree to remove the contingency of selling their home, that their contract becomes firm and binding. Should those buyers agree to go ahead with the purchase whether they sell their home or not, the seller cannot deal with you instead, even if your offer is for more money. Again, I haven't seen their contract, but it sounds as if it's pretty typical. Sorry about that. |
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Edith
Originally published on June 30, 2007 |
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