Contracts
In Texas, a 'backup offer' is useful because:
AIt automatically reduces the initial offer price
BIt positions a buyer to purchase the property immediately if the primary contract falls through✓ Correct
CIt allows two buyers to purchase the property simultaneously
DIt is required by TREC for all offers on listed properties
Explanation
A backup offer, supported by TREC's backup contract addendum, allows a buyer to be next in line to purchase a property if the primary contract terminates. When the first contract fails, the backup automatically becomes the primary contract.
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