Reply to Escalation clause...yes/no?

Forum Index » Real Estate

Reply to "Escalation clause...yes/no?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][size=9] [/size][quote=Anonymous]I'm the OP of this and want to report back on our experience with escalation clause. It was our first time using it to buy a home and would recommend it if 1. you're in an extremely competitive market, and 2. both buyer and seller side realtors are well regarded in the market and wouldn't risk their reputation just to make extra $1k of commission after tax.

We won the bidding war with our escalation clause and didn't go up close to the max price. The law allows us to review other offers after we won. There were 4 other offers and we beat the 2nd best by $5k. So I absolutely recommend it. [/quote]

NP and we just won a bidding war at our very last escalation. We had debated if we were going to include that one or not. So whoever we beat maxed out just below us. We live in a neighborhood that rarely has houses on the market so people lie in wait for anything decent even if it needs a lot of work. To lose out on the house for that amount would have been crushing. Keep in mind that each escalation is really a small amount of time across the entire life of your mortgage.

My opinion of cash offers as a seller is that they’re not an advantage unless you suspect the appraisal will come up short. In many places, especially where teardowns are common, the land is worth more anyway so this isn’t an issue.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics