A backup offer is when a home seller has accepted an offer from a buyer, but is still accepting offers from other buyers. Sellers state that they are accepting backup offers if they think the current offer may fall through.
Real estate owned, or REO, is a term used to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction.
A backup offer is when a home seller has accepted an offer from a buyer, but is still accepting offers from other buyers. Sellers state that they are accepting backup offers if they think the current offer may fall through.