Reply to Escalation Clauses- Bidding wars

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Maybe things are different now, but when we bought our current house eight years ago, there were enormous crowds at every open house and very clearly multiple bidders for everything. On one house, we went to the very top of our escalation clause and were the sixth-highest bid in the end. When we sold our previous house, around the same time, we got five bids, all with competing escalation clauses.

It’s possible that some agents in some cases might be ginning up straw bidders to push escalation clauses up, but the risk/reward calculus seems off to me, aside from the fact that I know many houses really do get multiple bidders. [/quote]

I don’t know if straw bidders are a real thing or not, but if I were to use a straw bidder, I would make sure they showed up at the open house (or had a private tour) to make them seem legitimate in case of a dispute later. [/quote]

Okay, maybe some of the people who outbid us on houses were straw bidders. I know none of the multiple bids that came in for the house we sold were, though. [/quote]

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