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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
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.
  • 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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