With housing inventory low and the market so competitive, many Buyers are seeing multiple competing offers when they find a home they like. How can you stand out amongst the competition without overpaying? The escalation clause is the tool you can use to keep you in the game. But many don’t understand how they work and what they mean when you make an offer. Every offer includes important terms beyond just price — contingencies, proposed closing dates, deposits and more. Winning on price is important, but you don’t want to overpay either.
Here are some things to keep in mind when preparing an offer with an escalation clause:
- Your offer has a base price and ONLY escalates if a higher offer is on the table: If there are multiple offers on the table and you decide to submit an escalation clause, you will include an offer price that would only escalate if there is another higher “bona fide offer”. Meaning that the Seller has to show you the other offer as proof that your base offer has been beaten and that you are being escalated on price.
- Your escalation clause is capped at the max price you are willing to go up to: So you are willing to beat other legitimate offers up to a certain point, but not above… That top number is referred to as the Cap. You indicate that you are willing to go up to, but no higher than, a certain number. That way you only pay up to your pre-determined cap if you need to in order to win.
Spring time is heating up! You’ve put off buying that home in 2020, now turn the page in 2021 with the purchase of a new home. Join us for our First Time Home Buyer Workshop on Saturday, March 6.
Talk to local lenders about getting a loan and learn the importance of hiring a real estate agent not only to help you in your search but to make a winning offer. You will even hear all about the home buying experience from a recent first-time home buyer.
View the dates below and sign up for our informative workshop.
Buy a home in 2021 and build equity while interest rates are still low!
- March 6
- April 3
- May 1
Thinking of buying a home this spring in D.C.? Take a look at these 25 D.C. neighborhood profiles.
Learn about the communities, local bars and restaurants, grocery stores, public transportation including travel times and what residents love about their neighborhood. Plus they have beautiful photography from local D.C. photographers. Not every D.C. neighborhood is highlighted, but these are some of the most popular.
You’ve put off buying that home in 2020, now turn the page in 2021 with the purchase of a new home. Start the year right with our First Time Home Buyer Workshop on March 6.
Talk to local lenders about getting a loan and learn the importance of hiring a real estate agent not only to help you in your search but to make a winning offer. You will even hear all about the home buying experience from a recent first-time home buyer.
View the dates below and sign up for our informative workshop.
Buy a Home in 2021 and Build Equity While Interest Rates are 2.48%.
- March 6
- April 3
- May 1
A good Realtor is an advisor, a teacher, a planner, a neighborhood expert, a skilled negotiator and, sometimes, a marriage counselor. You wouldn’t hire a financial advisor the week before you retire. A good relationship takes time to build, and you will need to rely on them and be confident that their advice has your best interest at heart. Don’t wait until the home of your dreams is for sale to start calling around looking for a good Realtor. Hire your Realtor early in the process and they will guide you all the way home.
Here are some of the ways bringing your Realtor on from the jump will benefit you in the long run:
- They take the time to get to know you: Make sure you find a Realtor that has the time to get to find out what is important to you. Make sure they listen to what you are really saying and not just what they want to hear. In order for you to be able to trust their advice, you need to know they have your best interests at heart. To do that, they need to care and adjust their approach to address your needs.
- They connect you with vetted and experienced professionals: You will need financing from a lender with great services and rates, an experienced home inspector to check out your new place before you buy it, and a title company to do the title research and handle the legal documents on the day you sign documents. Who should you trust? Your Realtor can make those introductions upfront so you know who to call on when you are ready.
- They look at the data and let you know what market trends will impact you: Not every neighborhood is the same when it comes to price appreciation… or the ability to rent the home out in the future. Depending on what you need the home to do for you as an investment, you need to know your goals and be open to data that will impact your investment. Your Realtor can show you what the data is saying and can suggest different locations or housing types that would work for your goals.
- It is never too early to work with a Realtor: Many buyers don’t want to bother their Realtor until they are “more serious” and don’t want to “waste anybody’s time” as they get prepared. On the contrary, a good Realtor prefers to work with their buyers throughout the process and not just when it’s time to fill out paperwork. Make sure you work with a Realtor who values your time and is willing to invest theirs to ensure you have the information you need when you need it. In terms of compensation, the property owner pays realtors’ fees out of their proceeds at settlement.
Having a qualified Realtor to help you navigate the home buying process is essential in today’s highly competitive market. Why go it alone when you can have a seasoned professional working for you? With interest rates at historic lows, the DMV is a competitive market for buyers, and you need a great Realtor on your side.
GreenLine Real Estate’s Buyer’s Agents are the best in the business and can help you plan for your purchase and, when the time is right for you, to help you buy your next home. Find more homebuyer resources here.
You’ve put off buying that home in 2020, now turn the page in 2021 with the purchase of a new home. Start the year right with our First Time Home Buyer Workshop on February 6.
Talk to local lenders about getting a loan and learn the importance of hiring a real estate agent not only to help you in your search but to make a winning offer. You will even hear all about the home buying experience from a recent first-time home buyer.
View the dates below and sign up for our informative workshop.
Buy a Home in 2021 and Build Equity While Interest Rates are 2.48%.
- February 6
- March 6
You’ve put off buying that home in 2020, now turn the page in 2021 with the purchase of a new home. Start the year right with our First Time Home Buyer Workshop on February 6.
Talk to local lenders about getting a loan and learn the importance of hiring a real estate agent not only to help you in your search but to make a winning offer. You will even hear all about the home buying experience from a recent first-time home buyer.
View the dates below and sign up for our informative workshop.
Buy a Home in 2021 and Build Equity While Interest Rates are 2.82%.
- February 6
- March 6
For your convenience, our workshops are virtual and free of charge and from 11 a.m. to 1 p.m. You can learn home buying strategies from the comfort of your own home. A Zoom.us link to our video conference will be emailed to those who sign up.
No obligation to buy… only to learn.
You’ve put off buying that home in 2020, now turn the page in 2021 with the purchase of a new home. Start the year right with our First Time Home Buyer Workshop on January 9.
Talk to local lenders about getting a loan and learn the importance of hiring a real estate agent not only to help you in your search but to make a winning offer. You will even hear all about the home buying experience from a recent first-time home buyer.
View the dates below and sign up for our informative workshop.
Buy a Home in 2021 and Build Equity While Interest Rates are 2.82%.
- January 9
- February 6
- March 6
One of the biggest obstacles first time home buyers face is coming up with the down payment on the loan which can be in the tens of thousands of dollars.
The good news is that there are numerous down payment assistance programs available in the D.C. metro area that provide grants and/or no interest loans to help with down payments. The programs do come with some income restrictions, but the caps have risen steadily over the years making the programs available to a wider segment of buyers.
You’ve put off buying that home in 2020, now turn the page in 2021 with the purchase of a new home. Start the year right with our First Time Home Buyer Workshop on January 9, 2021.
Talk to local lenders about getting a loan and learn the importance of hiring a real estate agent not only to help you in your search but to make a winning offer. You will even hear all about the home buying experience from a recent first-time home buyer.
View the dates below and sign up for our informative workshop.
Buy a Home in 2021 and Build Equity While Interest Rates are 2.82%.
- January 9
- February 6
- March 6
For your convenience, our workshops are virtual and free of charge and from 11 a.m. to 1 p.m. You can learn home buying strategies from the comfort of your own home. A Zoom.us link to our video conference will be emailed to those who sign up.
No obligation to buy… only to learn.
