What is an escalation clause, and can it help you win a bidding war?
An escalation clause automatically raises your offer if you get outbid, which has benefits and dangers.
Jeffrey L. Beal of Real Estate Solutions has 40 years' experience in multiple phases of the real estate industry, and has been a Certified General Appraiser since 1992. As such, he has consulted and testified as an expert in local, state and federal cases in a variety of matters related to real property or interests in real property where there is an issue of valuation, loss in value, damages or taxation. He is also an expert in issues involving zoning and variances. In addition, he is an expert on appraisal ethics and practice. He is comfortable in front of both a judge and a jury having taught appraisal and real estate courses since 2000 (4,000+ classroom hours). His teaching includes certificate, pre-licensing and continuing education courses at two-year and four-year colleges and private real estate schools.
An escalation clause automatically raises your offer if you get outbid, which has benefits and dangers.
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