What is an Escalation Clause?

In this video, Larry explains what an Escalation Clause is and how does it work.

An escalation clause is a real estate contract, sometimes called an escalator, that lets a home buyer say: “I will pay X price for this home, but if the seller receives another offer that’s higher than mine, I’m willing to increase my offer to Y price.” (Realtor.com)

Escalation clause normally comes into effect with multiple offers and if the seller’s ultimate goal is to get the most amount of money, then this may put you in first place.

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