Thursday, July 12, 2018

What is a Bump Clause in North Shore Chicago Real Estate?

Let's face it, every seller on the North Shore wants to get top dollar for their home. Even when you receive your first offer on your property, you might find yourself wondering if a better one will come along. But can you entertain other offers if you already accepted one? Is there a way to ensure you're maximizing your potential profit as a seller?

There is— and it's called the bump clause. This clause allows sellers to enter into a contract with a buyer while still marketing their property  to others. If a better offer comes along, you will essentially be able to "bump" the original offer you accepted.

These clauses are typically used when a buyer has a contingency attached to their offer. For instance, they need to sell their current home in order to purchase the property or have made the offer contingent upon the home inspection or appraisal. The bump clause will allow the seller to potentially move forward with another buyer who does not have such contingencies attached to their offer or one who would offer a higher price.

So how does it work? The bump clauses can only go into effect if the seller notifies the original buyer that they would like to take a "better" offer. The buyer has a specific number of days to respond, either letting the seller know they have sold their home (thus removing the sale contingency) or that they are removing the contingencies altogether. If they cannot remove the contingencies, their original contract is void. The seller is then able to enter into a new contract with the new buyer. However, if the buyer informs the seller that they did sell their home, their contract stands and the seller can no longer market the property to other buyers.

Bump clauses can be a wise choice for home sellers in today's fast-paced real estate market on Chicago's North Shore, offering a sense of security and control. As I mentioned above, every seller wants to maximize their home sale profits, and this is one way to do so.

As your North Shore real estate expert, I am here to walk you through the selling process from home prep to home closing and everything in between. Give me a call today for more information about selling your home in Winnetka, Glencoe, Highland Park, Northbrook, Deerfield and beyond.

I look forward to hearing from you!

Janie Bress
Your North Shore Real Estate Expert


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