Backup Offer

Importance: 0.43

Is a company: no

Is a proper noun: no

Synonyms

  • secondary offer
  • bid
  • proposal
  • fall-back offer

Definition of Backup Offer

  1. Another offer or bid for a property to be considered by the property seller if the current offer falls through.

Related Terms and Acronyms

  • Realtor Definition,
    • A real estate broker or an associate holding active membership in a real estate board.
  • Low Ball Offer Definition,
    • A way-below-market bid a buyer makes on a property or item.
  • For Sale By Owner (FSBO) Acronym, Very Important,
    • An arrangement by which a house's owner tries to sell the house without hiring a real-estate agent. Owners do this to avoid paying a commission.
    Can save the seller money by forgoing realtor fees.
  • Bargain Sale Definition,
    • Transfer of property or an item for less than market value.
  • Bidding War Definition,
    • Multiple, competing offers for a piece of property or item that escalate the price. Usually results in a happy seller.
  • Motivated Buyer Definition,
    • A prospective buyer who has a strong reason to buy, and quickly.
  • Real Estate Agent Definition,
    • A person who is licensed to represent a buyer or seller of land and the buildings and other improvements on it.
  • Counteroffer Bank,
    • Rejection of a purchase offer by submission of another offer with different terms (such as price or closing date). A step in the negotiating process.
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