Contracts
What is a backup offer in a Nevada real estate transaction?
AA second offer submitted by the same buyer at a higher price
BAn offer submitted by a second buyer that is accepted contingent on the first contract failing or being cancelled✓ Correct
CA seller's counter-offer to a low initial offer
DAn offer requiring the seller to provide seller financing
Explanation
A backup offer is placed in queue behind an accepted primary offer. If the primary contract cancels, the backup offer automatically moves into primary position without the need for further negotiation. In competitive Nevada markets (especially Las Vegas), backup offers are common.
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