Tips to Get Your Offer Accepted in a Sellers Market!

Tip #1:

Escalation Clause:           In the current market it is not uncommon to be in competition with many other Buyers on a single property.  An “Escalation Clause” is a tool that can be used to make your offer more desirable.  An escalation clause basically states that you, the Buyer, would be willing to pay X amount over any bona fide offer.  It may be written as follows in your offer:  “Buyer will pay $1,000 over any bona fide offer received on or before X date.  Seller and Sellers Agent will provide a copy of bona fide offer for verification purposes.”  Some Buyers feel better putting a cap on the escalation.  For example: “Buyer will pay $1,000 over any bona fide offer received on or before X date not to exceed $$$$.  Seller and Sellers Agent will provide a copy of bona fide offer for verification purposes.”  Whether you decide to put a cap on the clause or not, if your offer is accepted you will have a due diligence period at which time you can cancel the contract.  In other words, you will not be forced to purchase a home that does not fit within your financial parameters.