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Reply to "Escalation Clause versus waiting to make a counteroffer?"
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[quote=Anonymous]Okay this is just one perspective from a seller. We had a deadline with seven offers. Most had escalation clauses. I honestly can’t remember if we circled back to people who didn’t? My memory of it is that people knew they needed to bring their best and final offer? I’m assuming my agent called everyone who lost and nobody submitted a new offer. It was my understanding that the escalation clauses required verification of the other offer, minus identifying info. We never discussed trying to get to the top of the escalation clause that won, it just went one step above the next highest one. It was like an automated auction. In our situation I’m sure sellers could do it either way they would just need to make it clear to everyone what their plan was, because things moved very quickly after the offer deadline - everything was signed within a few hours. [/quote]
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