Howard "Bucky" Buchanan, SFR
Office: 908-735-2552 x208
As others have stated, it is normal behavior for a seller to keep their house on the market after they accepted an offer IF their buyer has a home to sell. As Ian stated its a right of first refusal. If the another buyer comes in with an offer, you can remove the contingency and move forward but if you don't sell your home, I'm assuming you won't qualify for a mortgage thus breaking the deal if you have a mortgage contingency clause.
Look at it from the seller's side -- you are a seller right selling your home. Do you want a buyer to come with a home sale contingency? Thus meaning if his house doesn't sell, he can't buy your's and you can't buy the house you want. Its a domino effect and thats why home sale contingencies are frowned up.
Again, this should've been explained to you during negotiations (if your agent included a home sale contingency in your sales contract) or at least during attorney review. You would have had to agree to this to move forward.
I hope that helps. Good luck with selling your home so you can move forward with your purchase. It's critical, if you want to buy and sell to follow Marc's recommendation on the pricing. I'm assuming your agent told you this already but I'm just reinforcing it.
Gina Chirico, Sales Associate
973-575-6353 ext 17 office
You cannot expect a seller to just sit there and wait for you to sell. It is important to price your home realistically and get it sold as soon as possible. That means pricing it lower than the recently sold comparables. Not the same as the other listings, but lower than all the other listings. You want to be the next to sell. You do not have time to wait, unless you don't mind losing the house you bought to another buyer who does not have a home to sell.
Century 21 Joe Tekula Realtors
Phone (direct): (973) 584-4235
Coolest map-based home search: http://www.marcpaolella.com