Glossary of multiple-offer terms

A buyer's promise to cover some or all of the difference if the home appraises below the offer price.

The buyer sets a private ceiling and increment, and their offer rises automatically when someone passes them.

An offer the seller ranks behind the chosen one, ready to step in if the first falls through.

A last, timed chance for selected buyers to submit their strongest offer.

Money the seller agrees to credit the buyer, often toward closing costs. Lowers the seller's net.

A condition that must be met for the sale to go through, such as inspection, appraisal or financing.

A promise to beat competing offers by a set amount, up to a cap, written without seeing the other offers.

A request that every buyer submit their strongest offer once, usually without seeing the others.

The minimum amount a new offer must exceed the current highest offer by.

When a seller receives more than one offer on the same home at the same time.

What the seller actually walks away with after commission, closing costs, concessions and payoff.

The time by which offers are due. In a BindingOffers round, the listing agent sets it.

A transparent process where invited buyers see the current highest offer and can submit a higher one.

The current highest offer price, shown to every invited buyer in an offer round.

A lender's conditional commitment to lend a buyer up to a set amount.

An arrangement letting the seller stay in the home for a period after closing.

A deadline that extends when a late offer comes in, so every buyer has a chance to respond.

The complete, formal purchase offer a buyer delivers after committing to a price in an offer round.