By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
The last six months in the Hudson Valley real estate market have admittedly been crazy. With little inventory and a high demand for any kind of Hudson Valley home, buyers have been beating down the doors of the few homes on the market, trying every tactic imaginable to present a winning offer on a house. We’ve written before on tactics for buying a house, but these days, getting an offer accepted is akin to a contact sport among buyers.
One tactic we’re seeing more often here in The Land of Competing Offers, with multiple buyers and all cash deals, is the inclusion of an Escalation Clause. An Escalation Clause in a buyer’s offer says that the potential buyer will raise his offer up to a certain amount over competing buyers. The clause is used to strengthen a buyer's offer by promising the best price.
It sounds like a win-win, no? The buyer wins the bidding war and the seller gets ; ...