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Kathy's Real Estate Korner

Real estate question of the week.

Buying a home-In a bidding war? Do you know what an escalation clause is? Lately many homes have sold in "bidding wars" which means there are several offers on the property you are trying to purchase. An escalation clause tells the seller you are willing to pay, let's say, $1,000 over what any other buyers are offering with a maximum price of which you are not willing to go over. This way you will hopefully outbid the other person and not pay more for the property than you might have had to. Good luck!

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Gary Steinberg April 22, 2012 at 12:00 PM
Hi, Kathy! As long as we are offered the ability to review the competing offer for our clients, this is a good way not to bid against one's self. Good luck with finals!
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Kathy Hydier January 02, 2013 at 11:20 PM
Thanks Gary! Finals went pretty good. Will finally be finished end of summer. Yee Hah. Happy New Year!!!!

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