The escalation clause states that your offer will automatically escalate to a higher price when there’s another offer that’s higher than yours. You specify what incremental increase you agree to, and what your top price is. In this way, your offer automatically moves to the top of the list in a multiple offer situation. The advantage of it is that you try to mitigate your risk of overpaying.
People who have been homeowners for a long time tend to forget how exciting and nerve-wracking it feels to buy a home for the first time. Once you’ve been through the process, you know what to expect and aren’t surprised by the second (or fifth) go-around. But for first time home buyers, the road is … Read more 9 Surprising Things First Time Home Buyers Should Know