What does Backup Offer mean?

An offer to purchase a property that is made in the event that the seller's primary offer falls through. Backup offers are typically lower than the primary offer, and may be made by multiple buyers.

Related Terms

Cash reserves Upzoning Variable Interest Rate Design/Build Cash Flow Creative Financing Net Operating Income (NOI) Credit Repository Abstract of Judgment, Law Consumer Credit Counseling Service (CCCS) Fee Simple Defeasible Ground Lease Excavation Probate Sale Speculation Home General Plan Master-Planned Community Estimated Gross Costs of Buying