What Does A Back Up Offer Really Mean?
A back up offer is an offer that is taken and placed on file. In the event that the buyer currently under contract for some reason can not follow through with the purchase of the house then anyone with a back up offer on file may be contacted. A back up offer does not guarantee that your offer will automatically be accepted in the event that the current contract falls apart. It is more or less your formal stated offer and statement of interest in the home should it become available again in the future.
Disclaimer-All information contained herein is deemed reliable but not guaranteed. You are advised to consult a reputable attorney for all legal advice or a reputable tax advisor.