What do you think about this contingency clause?
I am looking for a way to protect myself against buyers causing me to take my house off the market, and end up wasting my time.
What could go wrong if I added this clause to the purchase contract? This says that the buyer will maintain only a backup position until all contingencies have been met. At which time, they will have the primary position, assuming no one else beat them to it. And this will allow me to keep my house on the market.
"Buyer will accept only a backup position until the following contingencies have been met: inspection approval, satisfactory appraisal, final approval of financing, and sale of any of buyer's existing property. After all contingencies have been met, buyer will get primary position, assuming no other buyer's have met this criteria before them."