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What is an Escalation Clause in Real Estate
What is an Escalation Clause in Real EstateA Tool for BuyersIn some parts of the United States, the market is shifting in favor of home buyers. This is happening mostly in the sunbelt states like Texas, Arizona, New Mexico, North Carolina and Nevada to name a few.But in Virginia, Maryland and Washington D.C., there are still situations where several home buyers will write offers for a single property. If you find yourself in a multiple offer situation, the escalation clause can be an effective tool. Here’s a brief explanation of what an escalation clause is, when to use it, and how to use it to your advantage.
