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Winning The Bidding War
How Badly Does Your Buyer Want It?
Your Buyer Might Have To Ante Up To Win The Home
Buyers in the fast paced markets sometimes need to get serious to win the bidding wars. An escalation clause is a tool buyers can use to make sure another buyer won't out-bid them. Use caution , however, if you're considering this strategy.
Win The Bidding War
In a nut shell, an escalation clause says you will increase any other offer by a certain amount, for example, $500 or $5,000, up to a set ceiling, such as $25,000 over the asking price. The clause should also include a termination date. Of course, if your first offer is accepted by the seller, then the escalation clause is doesn't come into play.
If your buyer simply must have the house in their sights, and they can afford to pay that extra $25,000 if they have to, an escalation clause might enable them to fend off competing buyers. It allows them to offer the highest price possible to win the home. Just remember, another buyer may set a higher escalation ceiling. Keep in mind, the seller can still select the "best" offer based upon factors other than price.  The best offer ... more

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