Definitions for "Backup Offer"
Keywords:  bid, secondary, falls, fails, propert
A secondary offer to buy propert, used in case the initial offer falls through.
A secondary offer for a property that is conditional upon the failure of the first offer.
Just as it sounds, if a Seller accepts one offer, but still has interest in the property from other buyers, he may accept a back up offer in case the first offer falls through.