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Get a Step Above the Others: How to Understand Escalation
Wrapping your head around the home buying process can prove to be a difficult transition, especially when it comes to
dealing with unfamiliar phrases and terms. One of the most crucial comes into play when you are finally dealing with the numbers game part of the process. In an Ebay-centric society that we live in now, you are potentially dealing with dozens of other offers from people who want the same property as you—the key is to figuring out how you can make your offer look and feel better to the seller reviewing all of the offers they’ve received. 
“In simple terms, buying a house can sometimes feel like trying to buy an item on Ebay,” Jacqueline Battistini, agent at Brandon Green Companies, said. “What they [the seller] are asking for is the reserve; if the reserve isn’t met, the sale doesn’t happen. Once you hit the reserve, you begin bidding up against others past the asking price to win the item you want, which is what we call an Escalation Clause when it comes to buying a home.”
Battistini explains the Escalation Clause in Ebay terms because it gives people a relative comparison to something that they may be more ... more

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