As has been answered here already, there are many possibilities here, but that would depend on how the other contract is written and the intent of the buyer and seller. Contingencies are placed on contracts all the time and when not met, there are options to renegotiate the terms so long as the parties involved are willing to do so. If you are working with an agent you may wish to have him/her inquire as to the status of the sale, and depending on the status you can can your agent approach the seller's agent to see if they are willing to consider having you as a back up offer. Being a back up offer does have some advantages, of course if the other contract fails to go through you are already in a position to proceed forward. However, if the contract does go through you may be waiting and possibly miss out on another property. I encounter this quite often with my buyers, and I usually just keep track of the property they are interested in, and periodically check in with the listing agent. Good luck in your home search, and remember to keep an open mind in your search. Should you have any questions, please feel free to contact me.
RE/MAX Advance Realty