CE: Webinar – Broker Relationship Act-Escalation Clause- Good or Bad
If Buyer 1 puts in an offer of $500,000 on a home priced at $499,000, and Buyer 2 offers $501,000, Buyer 2 should get the house, right? Well, not if Buyer 1 has an escalation clause increasing her offer to $1,000 above the highest bidder up to a cap of $510,000. In the aforementioned case, Buyer 1 would get the house for $502,000. An escalation clause can move up in various increments, usually ranging from $1,000 to $3,500. In the employment of escalation clauses, we have some code issues we must contend with in keeping with the Oklahoma Brokers Relationship Act:
This course is worth 1 hour of REQUIRED Broker Relationship Act (BRA) CE!