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Real Estate
Reply to "Escalation clause...yes/no?"
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[quote=Anonymous]R/E pros, what would you do in this scenario? We're buying in a very competitive market with no inventory. This particular house is in an amazing neighborhood that everyone wants, the bones seem great but the interior has not be renovated for 40+ years and it will cost someone $150k-$300k+ to make it nice. We are willing to pay at ask or above ask, no financing contingency. Now wondering if we need an escalation clause? Some people think this leads to overpaying bc we're paying cash and may not need to outbid someone who needs a mortgage. The asking price is already $200k above Zillow estimate. The need for gut reno may deter some buyers but we can't be sure. [/quote]
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