backup offer

Definition

An offer to buy or lease real estate that becomes effective if a prior contract falls through. For example, a buyer may make a backup offer on a property already under contract to another party in the hopes that the other party will be unable to purchase the property.

Use backup offer in a sentence

We were beaten to the punch on buying the shop space we wanted, but we have submitted a backup offer and are hopeful it will pan out.

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Joe put a backup offer in on the old Victorian, yet it wasn't his first choice, it was low enough that he'd consider it if the current holder backed off the deal.

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John and Mary were not the first to make a bid on the house but hoped the first buyer's financing would fall through so their backup offer would be accepted by the sellers.

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backup line backup withholding