You’d think that due to COVID-19 the Minneapolis real estate market would be in a tough spot – but contrary to popular belief, things are still flying off the shelf here in Minneapolis. This past July 2020 we saw an increase in Pending Sales of over 12% compared to July of 2019 – that’s a pretty darn big increase!
In hot real estate markets where properties are receiving multiple offers and properties are being sold over list price a popular technique used by savvy realtors (yours truly!) is the escalation clause.
Let’s talk about what the heck an escalation clause is and more importantly, when to use it!
Let’s use a real-world example of what an escalation clause is:
Property 123 Main Street is listed on the MLS for $100,000. This is a…
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