Reply to Escalation Clauses- Bidding wars

Forum Index » Real Estate

Reply to "Escalation Clauses- Bidding wars"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]Y'all are working with some pretty unethical realtors if you've never seen the competing paperwork/offer and still agreed to an escalation in your offer.

Use a well-known realtor with a good reputation in your target area/neighborhood and they will walk you through the strategy of an escalation clause and what those increments should be. They will know what is going on in the market. Swarms of people at Open Houses mean nothing until you get to the contracts. People might be nosy neighbors, looking at properties that are out of their range, not have their financing in order, etc.

We had lost 4 houses and on our 5th, we did the escalation in increments of $250. Yes, seems like a small amount. But we were shown the increment counteroffer and corresponding documents each step of the way, and after a while I think the other person just got annoyed, ran out of time or reached their limit.

If you can't see the documents, back out. An escalation clause is part of the legal, binding document that accompanies a home offer.[/quote]

Please. An escalation offer is simply an advertisement as to how much you’ll pay for the house. It’s a great way to inflate home prices. [/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