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GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
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38% - Moderately
38% - Moderately
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.
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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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