Housing Wire

FEBRUARY 14, 2024

A majority of homeowners must sell their current home before they can qualify for a mortgage on their next home due to federal lending requirements around debt-to-income and down payments. When, and if, contingent offers are accepted, they can result in paying as much as 11% more for the home relative to a cash offer.

Backup offer 421

Backup offer Loan Officer Home sale contingency Branding 421

HomeLight

JULY 6, 2023

In the meantime, with a “Contingent” status, the seller is typically allowed to continue showing the home and accept backup offers in the event something goes awry. So what are the contract stipulations that put a listing into that “Contingent” stage, and how common is it for a property to hang in closing limbo?

MLS 105

MLS Backup offer Inspection contingency Purchase and sale agreement 105

Redfin

JUNE 17, 2025

A bumpable buyer is someone who has an accepted offer on a home but the sale depends on them selling their current home first. This is called a home sale contingency. Because the deal depends on another sale, sellers often include a bump clause in the contract.

Backup offer 31

Backup offer Pre-approval Home sale contingency Equity 31