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House is "Bumpable" |
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When looking at a home I may be interested in, the status of the home is listed as "bumpable". What does that mean? |
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A house that's on the market as "bumpable" is described in most areas as "sold but contingent". It already has a sales contract on it. But the buyers still have something to do before they can complete the purchase -- usually sell their present house. Meanwhile, the seller keeps it on the market. If you want to buy it, the sellers may give those first buyers a chance to firm up the deal and promise to buy no matter what. Otherwise, the first buyers must drop out, and you could "bump" them. (When the term is applied to a young lady, I understand it has quite a different meaning.) |
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Edith
Originally published on January 28, 2008 |
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