As real estate markets across the country heat up, competitive buying situations and bidding wars are becoming the norm. In many cities, the majority of new listings are receiving multiple offers. When you’re deciding on what price to offer for a home, the situation may call for a single price or, in some cases, an escalation clause. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that 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.” In theory, an escalation clause is fairly simple. Other home sellers simply state that they will not accept an offer with an escalation clause. They would prefer that every buyer submits exactly what they’re willing to pay. Check out below to see what sold in Quail Ridge in July 2015:
20001 Longridge Road, Northville: 7 bedrooms, 5.2 bathrooms, 5,355 sq. feet, 3 car garage, Sold Price: $590,000
If you’re considering an escalation clause, your Realtor is probably knee-deep in researching the circumstances around the seller’s process of reviewing offers. The Realtor’s knowledge of normal practices and probable outcomes in your market will make your offer much more likely to succeed. For more information on Quail Ridge, or similar Northville or Novi neighborhoods such as Walden Woods, Windridge Place and Arcadia Ridge, contact The DiMora Team today at 248-505-7728 or email@example.com.