Real Estate Glossary > B > Backup Offers Definition

An additional offer on a home for sale where the sellers already accepted an offer. Sellers will indicate that they are accepting backup offers if they think the current offer might not go through. If you find a home that has a "Looking for Backup Offer" status, it's best to get in touch with your agent to find out the price and terms of the current offer on the home. Then, you can decide whether you can present a better offer that has a chance of being accepted by the sellers. The best backup offers almost always have a higher price and shorter contingency Conditions included with an offer on a home that must be fulfilled before the deal can close. If a buyer or seller is unable to satisfy a contingency, then the offer on a home may become void. and financing periods. Since every situation is different, it's best to work with your agent to decide the best way to present a backup offer.