The OREF-083 Buyers Contingent Right to Purchase Addendum was created to allow a buyer, who needs to sell their current property in order to purchase a new property, the ability to find a new property before their current property has sold. If the buyer has not yet accepted an offer on their property, it is considered a “Bumpable” transaction, and the seller’s property status should be marked as “Bumpable” in the MLS (or some similar status, depending on the terminology used in the applicable MLS.) This means that if the seller receives an acceptable offer and the “Bumpable” buyer cannot entirely remove their contingency for the property sale, the buyer can be “bumped” out of contract, and the seller can accept the new offer.
If the buyer does receive an offer during the contingency period, they would need to notify the seller, and the seller’s property can now be marked as “Pending”.
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