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In Cooling Housing Markets, The ‘Bump Clauses’ Returns With Benifits For Sellers And Buyers
Posted by Cary W Porter on
The contingency-based clause coaxes some sellers by offering them the chance to continue marketing a property, while buyers are given time to sell existing homes.
By Robyn A. FriedmanWhat to do when a home-seller gets an offer but holds out hope for something better?
Enter the bump clause.
A bump clause lets sellers enter into a contract with a buyer while still continuing to market the property. If the sellers get a better deal, they can “bump” the original buyer.
It’s most commonly used when a buyer’s offer has some contingency, usually that they need to sell their current home first. It can help coax the sellers into contract by offering them the ability to seek alternate buyers who don’t have a home-sale contingency…
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Once you've made an offer on a home and all contingencies have been met by both parties, closing on the property becomes final. Closing costs are generally 4% of your loan amount, but this can vary. To help you get a sense of what's left to be done, here are 10 steps involved in closing the deal:
Key Features…
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