Even though it feels like the Spring Real Estate Market started right after the Super Bowl for some of us, a lot of sellers & buyers think of April as the âOfficialâ month for the Spring Market.
We still face an inventory shortage in most of the Chicago-land Suburbs, compared to this time last year we have 2,327 less properties for sale available.
This is WHY you need an Real Estate Agent by your side!
In DuPage county alone there are a total of 857 Single Family homes for sale right now, BUT only 542 of these are available to the public.
As your agent, I have 315 Pre-Market Homes for you!
These are properties that are not available to the public yet and might be a great match.
The three most important parts of an Escalation Clause:
Proof of a bona fide offer: Sellers canât just use an escalation cause to secure a better sale price. In order for the clause to go into effect, the seller must be able to provide proof that another offer came in higher than yours.
An escalation amount: The escalation clause will also include the amount by which you would like to outbid any other offers. If, for example, another party offered $400,000 and your escalation amount was $5,000, the escalation clause would increase your offer to $405,000.
A price cap: The cap represents the maximum amount that youâre willing to pay for the home, or how high youâre willing to allow your offer to go.
With an escalation clause, thereâs no need for all of that back-and-forth because your position is written out on paper. It also indicates to the sellers that youâre very serious about buying the home, which may you an edge over other potential buyers.
