So we looked at a house on Sat. and it’s just great. It’s a twin with a large yard, 3 bedrooms, one bath and a 75 year old kitchen. We put our offer in and then found out that there were 4 other offers so we put in an escalation clause to go $1000 over the next highest bidder up to $5000 over the asking price. The listing agent presented the offer to the church who owns the property last night at 7pm. Well I waited and waited and waited to hear, eating tons of candy to occupy my time. So like I had to wait I will make you wait to hear what happened by explaining an escalation clause.
A legally binding clause forming part of a contract which defines the conditions under which and the method of calculation that shall be used to calculate any rise or fall to the price
So….. We didn’t hear anything last night. That’s right after waiting patiently by the phone all night I finally went to bed at 11pm without a word. I came in t Well others had escalation clauses too so the listing agent came back and said give us your best offer no escalation clause so we’re going $5000 over asking, July 29th settlement and adding to the deposit. It is a real roller coaster.