Contracts
What is a backup offer in a real estate transaction?
AA second offer from the same buyer
BAn offer submitted to a seller who already has a contract, accepted contingent on the first contract falling through✓ Correct
CAn offer from a backup buyer held in reserve
DA contingency offer from a builder
Explanation
A backup offer is submitted when a property is already under contract. If accepted, the backup buyer takes position if the first contract fails. The backup buyer typically cannot withdraw without losing earnest money once their offer is accepted.
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