An escalation clause might be just what you need to get the home you want in our market. Here’s why.
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If you haven’t had much luck getting offers accepted in our market, I recommend using a tactic the agents on our team are implementing with our buyer clients: an escalation clause.
How does it work? Let’s say you enter into a multiple offer situation and the listing agent tells you to make your highest and best offer, but you’re hesitant because you have no way of knowing if that offer will be high enough.
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An escalation clause guarantees that you’ll offer more than the next highest bid up to a certain amount. If the house is listed for $170,099 and you’re willing to pay as much as $185,000 for it, your escalation clause will state that you’re willing to pay $1,000 more than the next highest verifiable offer. If another buyer makes an offer of $183,000 with no closing costs, your offer would automatically reset to $184,000.
The escalation clause is a unique proposition, but it might be just what you need to get the home you want.
”The escalation clause is a unique proposition, but it might be just what you need to get the home you want.
If you have any more questions about how an escalation clause works or you have any other real estate needs, don’t hesitate to reach out to me. I’d be happy to help you.
