Asked by Melissa, 53005 • Wed May 19, 2010
We are in the process of putting in an offer on a lot. The lot already has an accepted offer on it, which means if our offer is accepted we will be in a secondary/back up position. At one point the seller's agent told us that there is a 72 hour bump clause in the accepted contract and we would be wise to make an offer. I know it would benefit the agent and his sellers to have a back up, so my question is what kind of contract language should be in the contract to recognize this bump clause? All the language I have seen leaves the amount of time we will be waiting to find out if we are primary wide open and we will become primary when we are notified in writing by the seller. Does the bump clause change this? Is is possible to put in this contract that the seller and the primary buyer have 72 hours to remove all contingencies and if those are not removed we will become primary? Please help we're not getting any straight answers from anyone! Thank you!
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