Variable closed:	1.65%
1 year closed:	1.64%
3 year closed:	1.59%
5 year closed:	1.69%
10 year closed:	2.84%

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

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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.

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