Escalation Clause -- Does Expired Competing Offer Count?

Question

I am making an offer for a duplex in the state of Washington. I used an escalation clause and it's triggered. According to the contract, the listing agent is required to provide me with the highest competing offer in order to escalate the price; however, the competing offer he presented is an expired one (expired 2 days ago). Is that still valid? The house is located in King County, WA. Thank you a ton!

Michael Dumler · Answer

@Sean Yang even though the offer expired, the listing agent is most likely in talk/negotiation with the buyer's agent that put in the offer. The expiration date of an offer can easily be crossed out and extended with the acceptance of both parties.

Marcus Auerbach · Answer

The escalation clause language we use here in Milwaukee regulates when the offer had to be received. What does your agent/broker say?

And at the end of the day, it's a technical question; in the spirit of your offer, you were willing to beat a competitive offer and now you have one. If you are getting cold feet just tell them, they will accept #2 - it can easily be reactivated.

Todd Pultz · Answer

@Sean Yang yes that still triggers it! If your escalation offer was still a solid offer which I hope it was since you offered it, don’t get caught up in the mud on something like 2 days. If they failed to produce an offer then question it

Charlene Placko · Answer

If you turned yours in and seller reviewed all offers at once (which is what usually happens nowadays), the offer that is “expired” could be extended quite easily if agent asks their agent. I think it would apply.

Sean Yang · Answer

@Michael Dumler @Charlene Placko Thank you for your input!

Escalation Clause -- Does Expired Competing Offer Count?

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