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What is a bumpable listing?
What does bumpable mean in real estate?
What is a bumpable property in the MLS?
What is a bumpable buyer?
What is a bumpable offer?
Can a seller bump a buyer?
Feb 3, 2024 · A bumpable buyer is one who submits an offer on a property with the understanding that the purchase depends on the sale of their current home. This type of offer is contingent upon external factors, most commonly the successful transaction of the buyer’s existing property.
Jun 15, 2023 · You're browsing real estate listings, and you come across a house that shows up as “BMP.' What does that mean? BMP is an abbreviation for a bumpable buyer, and it's used in the Regional Multiple Listing Service (RLMS) that covers southwestern Washington and the Portland, Oregon metro area.
Nov 15, 2023 · The bump clause, also known as the "kick-out clause," is a real estate contract provision allowing the seller to continue marketing the property even after accepting a contingent offer. This contingent offer typically arises when the original buyer makes an offer on the seller's property.
- Bumpable Buyer
- RMLS Listing Statuses
- Bumpable Status FAQ
Let’s say that you decide to put your home in Vancouverup for sale. A few weeks later, you receive an offer on your home from a prospective buyer, whom we’ll refer to as James. The offer is in line with the price and terms you wanted; thus, you decide to accept it. But, James has an important contingency: he must sell his current home before he can...
Active
When a seller hires a real estate agent or broker to sell their property, they will sign a contract giving the agent or broker permission to market their property and the right to a commission for doing so. The agent/broker will then put the property details into the local MLS and set the status to “active” or “ACT” in the database. The new listing will then populate across real estate websites that get a direct data feed from the MLS.
Bumpable
A property is listed as “bumpable” or “BMP” in the MLS if the seller receives an offer from a buyer, but the buyer includes a contingency that they must sell their home before they can close the deal. The seller won’t have to have to wait until the buyer’s home sells (as that can sometimes take several years) and can consider other offers. You can think of bumpable as a subset of active. Here’s why: 1. Technically, while a listing is bumpable, the home is still on the market (active) 2. The h...
Pending
If a buyer makes a contractual offer on your home without the condition that they must first sell their home - and you accept the offer - your listing’s status will change to “pending.” Making an offer on a home is a binding commitment and, in most states throughout the U.S., means that the buyer is contractually obligated to purchase the home and the seller cannot execute a contract to sell the home to any other interested buyers. They can, however, collect backup offers from other intereste...
How will I know if a listing is bumpable?
Agents can see if a home is a bumpable listing because it will show BMP in the property description included in the MLS. Some consumer websites that carry local real estate listings will also show this status with a bumpable indicator.
Where did the term “bumpable” originate?
Prior to using bumpable, the MLS used the term “contingent,” or simply “CON” to describe a bumpable listing because the house was contingent on the buyer selling his or her home prior to purchasing a new one. However, that term began to confuse agents because every real estate transaction is always contingent on a variety of factors such as a home inspection, buyer financing, etc., whether it is bumpable or not.
How does the 'bumpable’ status get removed?
The bumpable status is removed when the buyer is able to purchase your home without selling their current home. This can often be completed through a bridge loan, which is a temporary loan that a buyer can use to purchase a new home while they wait for their current home to sell. Another way in which the bumpable status is removed is if the buyer's current home sells. After the contingency is removed, the “bumpable” status is removed and the transaction status changes to “pending.” Lastly, th...
A bump clause is a way a seller can continue to market a property until the buyer satisfies a specific contingency, such as selling their current house first. With this type of transaction, a seller can “bump” the original buyer if a better offer comes in.
Dec 30, 2010 · BMP = A bumpable buyer. A buyer is considered "bumpable" if they need to sell in order to buy. The seller has accepted their offer, but the buyer can't close unless their current property sells, so the seller has the option to bump the buyer if something better comes along.
Definition of Bump and Bumpable. A house listed as "bumpable" means the seller has accepted an offer that is contingent upon the buyer meeting some condition, but the seller can accept a subsequent offer and "bump" the first offer if the subsequent offer does not contain the same contingency.
