Here’s how escalation clauses help make homebuyers stronger.
An escalation clause is a great tool that buyers are using right now to get their offers accepted over others. With today’s competitive market, it’s sometimes hard to know exactly what to offer. Maybe you’re willing to go higher than another buyer, but you don’t know where to start.
An escalation clause essentially allows you to make an offer with an asterisk. If a higher offer comes in, the escalation clause says you’re willing to pay a certain dollar amount over the next highest offer up until a certain amount.
They need to be used judiciously and you’ll have to weigh carefully if the option is right for you based on your situation.
I hope this tip helps. If you have any questions about how to use an escalation clause or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.