Which addendum allows a seller to negotiate with a second buyer if the first buyer's transaction falls through?

The addendum that allows a seller to negotiate with a second buyer if the first buyer's transaction falls through is the Addendum for Back-Up Contract. This specific addendum enables the seller to continue marketing the property and to accept backup offers while the primary contract is in place. If the first buyer's contract fails for any reason, the seller can then proceed with the second buyer without having to re-list the property or start the selling process over again.

This approach protects the seller by ensuring that they have options should their primary transaction not go as planned. It creates a sense of security and minimizes the risk of the property being off the market for an extended period while they wait for the first buyer to fulfill their obligations.

In contrast, the other addenda serve different purposes. The Short Sale Addendum pertains to properties being sold for less than what is owed on the mortgage and often involves lender approval. The Counter Offer Addendum is used when a seller wants to propose changes to the original offer instead of accepting it outright. Finally, the Contingency Addendum deals with specific conditions that must be met for the sale to proceed, but it does not specifically address backup offers in case the primary transaction fails.