Backup Offer
Definition
- Another offer or bid for a property to be considered by the property seller if the current offer falls through.
Synonyms
fall-back offer, proposal, secondary offer, bid
Related Terms and Acronyms
- 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.
- Counteroffer — Definition,
- 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) — 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. - Low Ball Offer — Definition,
- A way-below-market bid a buyer makes on a property or item.
- 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.
- Realtor — Definition,
- A real estate broker or an associate holding active membership in a real estate board.
