I'm not sure if this is universal or not, but as of about a year ago our mls system gave Realtors the option to enter 'bumpable buyer' (rather than active or pending). My assumption is that this is a buyer that has an offer pending on a property, but there is a contingency stating if a better offer is received, they can be 'bumped' out of the transaction.
I am trying to determine whether to consider the status of bumpable buyer as an active or pending sale.
Any thoughts? Are there Realtors out there that have some sort of statistic as to how many of these bumpable buyers become the proud new owners?
2/22 Update: I found the definition in our mls system:
|BMP:||Bumpable Buyer: Accepted offers with bumpable buyers shall be only those listings with an accepted offer which provides: 1) that the buyer's purchase is contingent upon the sale of the buyer's property within a limited time; 2) the buyer's property is in a category which can be listed in RMLSTM; and 3) that if the seller receives another acceptable offer, the first buyer has a specified period to remove the contingency. A property may not remain in active status if an offer has been accepted with the foregoing terms. "Accepted offer with bumpable buyer" sales will remain as searchable listings in BMP status in the RMLSTM System until a status change is reported. If there is an accepted offer that is dependant upon the sale of other real property then the listing should be marked BMP until: 1) The property is sold. 2) The contract expires. 3) The contract is canceled. 4) The listing is designated pending (see below). 5) The listing goes back on the market and the status is marked Active again.|