Charles Rutenberg Realty
Each bank will have their own set of parameters regarding what can and can not be done. As Laurie indicated, the many, many, many, pages of the contract and addendum will define what those conditions are. This information, however, is privileged and only known to the bank and the party attempting to purchase the home.
There are several stages (status) of a contract progression that indicate how committed the buyer has become. Your question does not reveal the contract status. Even so, anything can and often does happen.
What many years in the real estate business has thought me is the only 'done deal' is the one where the keys are handed over. Anything can, and often does, go wrong. Done deals often get to be done again.
You best action is to:
1. Get on your real estate agents "A-List" If you are soliciting advise on an aggregate website it is unlikely you have been "A-Listed." This requires a mutual commitment.
2. Put your hat in the ring and use whatever option is available. Your agent will let you know all the options. Simultaneous or back up offers may be permitted. At the very least it puts others on notice that if the current buyer goes goofy, there is an option.
3. Monitor the progression of the existing property. IF you take your eye off the subject, if you blink, a third party can nudge you out.
4. Start looking for another property for your plan B.
Your persistence and commitment to your agent is the fabric that will yield the best results.
Best of success in finding your Florida home.
ReMax Realtec Group
If you're not working loyally with one Realtor you may want to rethink that strategy so your Realtor will be loyal to you, too!
All the best,
There may be exceptions, though, so read the contract fully to see if they can still take offers.