A backup offer, in the world of real estate, is an agreement to purchase a property if the initial offer falls through. When an offer is made on a property, the seller will typically have a list of conditions that must be met in order for the sale to go through. If the buyer cannot meet one or more of these conditions, the backup offer becomes active.
The backup offer is usually made with the understanding that the property will …
What is a backup offer?
A backup offer is a proposal to purchase a property that is made after the seller has accepted an offer from another buyer, but the deal has not yet closed.
Why would a seller want a backup offer?
There are a few reasons why a seller might want a backup offer. First, the seller may be worried that the first deal will fall through for some reason. Second, the seller may believe that the backup …
When selling a home, most people hope for a quick and easy sale. However, there are times when a home does not sell as quickly as the seller would like. In some cases, the seller may even receive an offer that is lower than they would like. In these situations, the seller may decide to accept backup offers.
What are backup offers?
A backup offer is an offer to purchase a home that is made to the seller after the …
