Variable closed:	1.98%
1 year closed:	2.14%
3 year closed:	2.14%
5 year closed:	2.24%
10 year closed:	3.39%

Mortgage Super Brokers > Library & Listings > Glossary > Definition: Backup Offer

Search the Glossary

GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Backup Offer

Synonyms:	bid, fall-back offer, proposal, secondary offer
Filed Under:	real-estate
Tags:	realty

Definition of backup offer

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:

bargain sale Transfer of property or an item for less than market value.
bidding war Multiple, competing offers for a piece of property or item that escalate the price. Usually results in a happy seller.
counteroffer 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.
for sale by owner (FSBO) 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.
low ball offer A way-below-market bid a buyer makes on a property or item.
motivated buyer A prospective buyer who has a strong reason to buy, and quickly.
real estate agent A person who is licensed to represent a buyer or seller of land and the buildings and other improvements on it.
realtor A real estate broker or an associate holding active membership in a real estate board.

Search the Glossary

Best Mortgage Rates

With a lower mortgage rate, it's easier to afford a better home and what you save on interest can go directly toward paying off the principal value of your property faster. Make sure you get the best rates in Canada on your mortgage, apply today.

Mortgage Payment Calculator

Did you know that you can save over $28,000 in interest on a $300,000 mortgage by simply switching to biweekly-accelerated payments? Find out how much you could save on your next mortgage with our new calculator.

Apply Online and Secure the Best Rate

Apply for a free mortgage quote today and see what one of Canada's earliest established online mortgage brokerages can do for you. Secure the lowest rates available for up to 120 days from the date of your pre-approval!