how not to be a bitter buyer: How Not To Be A Bitter Buyer
- 04/09/19 12:06 PM
The escalation clause is used by home buyers who are competing with other buyers in a multiple offer situation.
Photo by Ryan Franco on Unsplash
In the Greater Washington DC area, buyers are competing for houses on the market near a Metro station, shops, and restaurants. In Arlington Virginia, where the Amazon headquarters will soon be located, the competition is tough. Last week, we submitted a contract on a one bedroom condo in Arlington and ours was one of twelve offers! We included an escalation clause which looks something like this;
Sales Price $350,000 with an escalation factor of $1000 and a cap at $365,000
This means the … (3 comments)
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The escalation clause is used by home buyers who are competing with other buyers in a multiple offer situation.
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