If you’ve been searching online for Barron County real estate, you’ve probably found listings labeled as “Active Under Contract” or “Pending-Bump.” Here’s what that means, and why these listings are worth another look!
Active Under Contract or Active with Offer: The seller has accepted an offer, but the offer has contingencies that must be satisfied before closing. Contingencies can include buyer financing clauses, home inspections, surveys, etc.
When you see “Active Under Contract,” the seller is still marketing the property, and is open to back-up offers. Writing a back-up offer puts you next in line if the original deal falls through.
Pending-Bump: In this situation, the seller accepted an offer from a buyer with a home sale contingency. In other words, the buyer has a home that must be sold to accomplish closing.
With a bump clause, the seller continues to market their property while waiting for the buyer’s home to sell. The seller can “bump” the current deal aside if they get a better offer. Namely, one that doesn’t have a home sale contingency attached. Other buyers have a chance to cut in front of the line.
Please keep in mind that making a back-up offer has downsides. You could find yourself waiting days or weeks to see if the original deal goes through. Meanwhile, you might miss out on other homes coming to the market.
Still, with few homes for sale these days, making a back-up offer gives you the potential to be in the right place at the right time. Be sure to use our expert guidance when considering this approach!
Let us help you find your ideal home or land parcel in Barron County! Six Lakes Realty is a locally-owned family business with over 40 years of experience. Our friendly, hometown service is just a call away!
John Flor CRS, GRI, ABR, RSPS, RRS, e-PRO
Team Lead / Property Marketing Specialist
Six Lakes Realty powered by Keller Williams Realty Diversified
Office: (715) 924-4806