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Real Estate
Reply to "SPRING MARKET!! What's the vibe?"
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[quote=Anonymous][quote=Anonymous]I don't like overbids and I sometimes feel the whole thing like a scam. How do I know it is really true if the seller agent says someone else has put in an extra 100K bid? There is no proof and everything is private information. When a house comes up saying there is a deadline for offers, I don't even feel like checking it out. [/quote] People don't just bide 100k "extra," they include escalation clauses that only kick in if another buyer has bid up. If the property is listed at 100k, and I as a potential buyer have an escalation clause that bids up in 5k increments up to 150k, and there is one other potential buyer who has an escalation clause that bids up to 130k, I get the house for 135k. And for that escalation clause to kick in and push me to 135k, the sellers will have to show proof of the other contract with the escalation clause that went up to 130k. [/quote]
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