Real Estate Term: Backup Offer

Backup Offer: An offer that is submitted when a buyer is interested in purchasing a property that is already under contract with someone else in case the first transaction falls apart. A backup offer must be negotiated and any monies have to be submitted to confirm it is the next offer in line. Legally, there can only be one backup offer on a property.

Let’s chat about backup offers.

You know that home that you really wanted… but the seller decided to take a different offer? Well guess what? You can still put a backup offer on that home in the event that the first deal falls through. YES! Deals do fall through.

If you’re working with a knowledgeable Realtor, they will be able to guide you through the process. Looking for one? I got you, Homie!

Your Homie In Real Estate