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Real Estate
Reply to "Escalation Clauses- Bidding wars"
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[quote=Anonymous][quote=Anonymous]My sister is a realtor. Never ever do an escalation clause. They don't even have to produce another contract and they use an imaginary one to create a fake bidding war.[/quote] Last 3 homes we purchased were with an escalation clause (as there were 2-3+ buyers for each one). We got all 3 of them. First, I know for a fact there were other buyers, because we only escalated $5K (on a $500K home) and got it, and at Halloween a neighborhood kid told us "you got the house we wanted to buy" and the parent was so embarrassed (we won out with a cash offer, escalation clause and no strings attached as we had been renting for last 2 years). 2nd house, saw the other offer, but ours once again was cash, no strings attached and we were willing to let seller rent back for 2 months. 3rd---realtors might have been playing games, but we only escalated one time and won the house and closed 18 days later [/quote]
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