Kick-out clause (sale, mortgages, new home)

Hi- My husband and I signed a contract last weekend for a home, however the owner asked to add a 24 hour kick out clause to it. Our current home is under contract, set to close 9/30. Buyers have solid financing, 20% down, have no selling contingency (engaged couple moving from parents' home), and the inspection is tomorrow. Assuming everything goes well with inspection, I have no reason to believe it won't close at the end of the month. Our kick-out gives us 24 hours to decide (if another buyer comes along with no contingencies) to lift our contingency of a home closing. I have never experienced this, and was wondering if anyone can give me any insight. Yes, we have a realtor and he has explained it thoroughly... I just have a bad feeling about the whole thing.
The home is amazing, and in our opinion under-priced. Close to grade school, beautiful lot yard, etc.. It had a contract on it within 5 days of being on the market (we were heartbroken) and then the deal fell through. We immediately swooped in and made an offer. So, because of this home's history, I have this bad feeling that another buyer may come along. The listing still says "active", but according to our realtor, on the MLS is says HC24. Our realtor said that another agent typically won't waste their client's time on a home that is this status, but again.. I'm nervous! We have an inspection set up for next Saturday.. I'll be heartbroken (and irritated) if this happens.
If it does happen, we can lift our contingency. Since ours buyers are so strong, we would probably do it. However, does that mean we need to get a new approval? One that states we can carry 2 mortgages (if, god forbid our home sale fell through)... or we just commit to closing on the new home no matter what. Again, very confident in our home sale, so I'd be really bummed if someone came along and tried to offer a non-contingent deal.
Anyone experience this?

[chet everett]

There is really nothing to do but wait -- if some other non- contingent buyer materializes ( which given that school has started and dramatically fewer shoppers are likely to make an offer...) you just move on.

If your deal to sell falls through I would strongly recommend against carrying two mortgages.

[yousah]

Those sorts of contingencies usually stay together unless the listing agent has their own buyer that they'd rather use to bump you out.

Thanks! All seems to be going well so far. Inspection and appraisal scheduled, so fingers crossed!

[middle-aged mom]

The issue is not limited to someone coming along and making an offer w/o contingencies. More importantly, someone could come along and offer more money than you have.

Given you are 20 days away from closing how likely is someone to offer more, without contingencies and be able to close chop-chop?

Unless a property is very special and/or a clients insists, most agents will not show property contingent on home closes because most buyers prefer not to walk into a bidding war, if they can help it.

Thanks.. we love the house so much, and have now spent $900 and hours of time on it.. so I'm still sorta worrying, but feeling better and better the closer we get to closing. Again, knowing it had a contract after 3 days originally made me worry.