In real estate, what is the term for an offer made on a property that is already under contract?

In real estate, an offer made on a property that is already under contract is known as a backup offer. This term specifically refers to the situation where a buyer expresses interest in a property that has been accepted by another buyer, placing this new offer in a secondary position. If the first contract falls through—perhaps due to the original buyer being unable to secure financing, or due to some other contingency not being fulfilled—the backup offer can then be considered.

This concept is critical in real estate transactions as it allows sellers to keep options open if the first contract does not materialize. It provides potential buyers with the opportunity to secure a deal on a property that they desire, even if it’s not available at the moment. The other options listed do not accurately capture this specific scenario, as they typically refer to different situations involving offers in real estate.