Quote:
Originally Posted by dvarapala
The kid just bought his first house the other day. The market is so crazy that he not only made a full price offer, but at the encouragement of his agent the offer also included an escalation clause: basically if the sellers received another offer he would automatically beat it by $1000 up to a max of $10000 over asking. Turns out there was a competing offer, and that offer included a similar escalation clause, only theirs was $500 over and capped at $9000 over asking. So he beat them out by $1000.
It's almost like buying a house on eBay.  |
Serious question:
It seems very convenient that another escalation-clause-offer came in so it tops off to just below what the final buyer's escalation clause tops off to.
How does one do a deal like that where you can be certain that the seller's agent didn't pay a homeless guy to submit the $500/9000 escalation offer in order to squeeze the extra $10k out of the deal?