Reply to Escalation clause...yes/no?

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[quote=Anonymous]OP, we bought in a small, coveted upper NW neighborhood. All the houses I'm aware of here get multiple offers, unless they're in a really bad location/ lot or something is very off about it (like realtor totally botched the asking price and it sat). Even the ones in rough shape get multiple offers, as you're competing with people that want a completely renovated home (and have the $$ for it) and developers.

We generally did escalation clauses unless the seller didn't want them (there are some old school realtors and sellers that didn't). I felt more protected by the escalation because we could back out if it hit our max, while I would have felt stupid if we put a best and final where the next offer was 60K lower or whatever. My understanding is that all cash doesn't help much if you're offering a lot lower. We were not paying all cash, so we put in a high escalation amount to outbid the attractiveness of all cash. And we waived all contingencies.

I'm not sure where you're looking, but maybe your realtor can get info on how these types of homes tend to sell in that neighborhood. For example, there's one that just went pending on Yuma that seems to need a gut reno and didn't have an open house.[/quote]

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