Many buyers desiring to make a "move up" from their first home to something larger or nicer would most likely need to sell their current home before they would be financially capable of closing on the sale of another.
During a normal market, which is what we have now, buyers have a good selection of homes to choose from, and homes normally take a few months (not days) to sell. It would be feasible for the seller to give the buyer a reasonable time frame (eg. 45-60 days) to find a buyer for their home. To insist that the buyer be unencumbered is unreasonable, given the price of homes these days.
The "right of first refusable", or "24-, 48-, or 72-hour clause" is an ideal compromise for those sellers who want to continue marketing their property while the buyer is trying to sell his. It allows both parties to move forward, yet the seller can still market and show the house while waiting for the buyer to sell his property. If another offer is made that doesn't have a home sale contingency, the buyer has whatever time frame both parties have agreed to when the contract was drawn up, to either get his property under contract or to come up with the funds to purchase without selling the existing home first. If the buyer is unable to move forward with the sale, the seller then enters into agreement with the new buyer.
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