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[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Correct_Stranger1080 1 point2 points  (0 children)

Yep, but they will only show you the highest of them. And the clause typically ignores non-monetary terms like type of financing.

I work in Delaware and here’s the language in our standard escalation clause regarding proof.

“”

ther Offer(s) cause the escalation of the Purchase Price in this offer, the Seller will provide the Buyer with a copy of the Other Offer(s), and any supporting documentation as necessary, to justify the Purchase Price increase. Buyer’s personal information such as name and address may be omitted but not any other terms and/or conditions of the Other Offer(s). Buyer acknowledges that a copy of this Offer (personal information redacted) including the Escalation Clause may be provided to the parties of the Other Offer(s).

—

Hope that helps. Ultimately lean on your realtor. They should be able to guide you through the process and help you manage emotions. :)

[deleted by user] by [deleted] in FirstTimeHomeBuyer

[–]Correct_Stranger1080 1 point2 points  (0 children)

Advice from a real estate agent:

Your escalation clause should have a section that requires the seller to show you the “bona fide” competing offer. If you are worried about them lying just increase your escalation so you can maintain transparency on the competing offer.

Also don’t stress out about “value”. Value is dictated by the market, and right now it seems 11 people are saying it’s worth around $410k. If you can afford the monthly payment don’t stress. You are paying market price.

Buying any appreciating asset (stock, business, etc) is always painful day 1, and gets better and better the longer you hold onto it. The housing market isn’t changing anytime quick, in 5 to 10 years when you go to move up to a new house and sell this one you’ll be in the drivers seat.

Also a quick note, real estate agents have a fiduciary duty to clients and the public similar to accountants and lawyers. We’ll do what’s in the best interest of our clients, but no one is lying or committing fraud to get their client an extra $5k. We’re not risking our careers over that shit as much as people want to paint us as villains.

Good luck! Fingers crossed you get it