Updated over 4 years ago on . Most recent reply
Using an Escallation Clause
Hello BP Friends!
I just recently wrote my first offer this last weekend! Woohoo! My offer did not end up getting accepted, as another buyer came in with a stronger offer. But I am still happy because it was progress, and it forced me to take action and it was such a great learning experience!
The property I offered on needed a new roof and had some water damage so the seller was only accepting highest and best all-cash offers. My agent recommended including an escalation clause in my offer, but I did not agree with this strategy because the listing agent was requesting H&B only. My question is when would be a good time to include an escalation clause in an offer? My first inclination is to not include one when the seller is asking for H&B all-cash offers. Was this poor judgement on my part? Any advice and insight would be greatly appreciated.
Cheers!
I just recently wrote my first offer this last weekend! Woohoo! My offer did not end up getting accepted, as another buyer came in with a stronger offer. But I am still happy because it was progress, and it forced me to take action and it was such a great learning experience!
The property I offered on needed a new roof and had some water damage so the seller was only accepting highest and best all-cash offers. My agent recommended including an escalation clause in my offer, but I did not agree with this strategy because the listing agent was requesting H&B only. My question is when would be a good time to include an escalation clause in an offer? My first inclination is to not include one when the seller is asking for H&B all-cash offers. Was this poor judgement on my part? Any advice and insight would be greatly appreciated.
Cheers!