Managing Multiple Offers and What About Those Escalation Clauses?
Don Lorg of Keller Williams – Green Meadow will address the low inventory dynamic in our current marketplace. Two of the issues are how to manage multiple offers that have become common on prices under $200,000.00 in parts of the metro. By extension, REALTORS® have begun using a strategy called an escalation approach in their offers to try to compete when several offers are competing for one sellers property. There are several important aspects to an escalation clause. There is no standard language at this point, with a number of versions. We’ll discuss what some of the important questions an escalation clause should cover, as well as the options sellers and buyers have in multiple offer scenarios.