{"id":23748,"date":"2024-06-26T08:04:37","date_gmt":"2024-06-26T13:04:37","guid":{"rendered":"https:\/\/www.lakehomes.com\/info\/?p=23748"},"modified":"2024-09-05T09:18:18","modified_gmt":"2024-09-05T14:18:18","slug":"whiteboard-topics-escalation-clauses-when-buying-a-lake-home-good-or-bad","status":"publish","type":"post","link":"https:\/\/www.lakehomes.com\/info\/lifestyles\/whiteboard-topics-escalation-clauses-when-buying-a-lake-home-good-or-bad","title":{"rendered":"Whiteboard Topics: Escalation Clauses When Buying A Lake Home: Good Or Bad?"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Whiteboard Topics: Escalation Clauses When Buying A Lake Home: Good Or Bad?\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/YsrTjcBGrWc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>When dealing with buying a lake home, you might hear the term &#8220;escalation clause&#8221;. If you&#8217;re familiar with this term, you might be wondering if it is a good or bad thing. Even if it is something you&#8217;ve never heard of before, finding out what it means can benefit you in the future. Lake Homes Realty&#8217;s CEO, Glenn Phillips, discusses what this is and whether an escalation clause is something good or something bad.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Escalation Clause:<\/strong> Automatic Price Increase Formula: This was something that was very popular during Covid-19 and, in particular, frenzy buying. Basically, people were wanting to make an offer and that be it. They were not willing to go through the hoops of making a second offer. Simplified more, you would make your offer and if someone came in with a higher one, you&#8217;d understand yours would jump up some amount.<\/li>\n\n\n\n<li><strong>Keeps Offer Amount Competitive:<\/strong> Due to these different escalation clauses for properties, it was more of a competitive area. Instead of the one amount being out there, it was almost a stair-stepping increase between offers.<\/li>\n\n\n\n<li><strong>Less Popular:<\/strong> Since Covid-19, these clauses aren&#8217;t as popular. One reason in particular is that it is becoming too much for the sellers and their agents to manage. Sellers got to a point where they wanted people to make their best offer. Now, sellers will ask buyers to &#8220;give us your highest and best offer&#8221;.<\/li>\n\n\n\n<li><strong>More to Offer Than Money:<\/strong> Oftentimes, escalation clauses can overshadow some of the other things that could potentially be offered. Things such as an additional property (a boat, furniture, etc.) or a different contribution of closing costs, etc.<\/li>\n\n\n\n<li><strong>Varies By Local Market: <\/strong>These clauses all vary depending on the market. Utilizing a lake agent, like one at <a href=\"https:\/\/www.lakehomes.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">LakeHomes.com<\/a>, would be beneficial. The agents understand their markets and the things that go into them, such as inflation rates.<\/li>\n<\/ol>\n\n\n\n<p>Before going into the buying process and expecting things to flow a certain direction, reach out to a lake expert for more help. They are always willing to give advice and information when needed.<\/p>\n\n\n\n<div class=\"_form_187\"><\/div><script src=\"https:\/\/lakehomes.activehosted.com\/f\/embed.php?id=187\" charset=\"utf-8\"><\/script>\n","protected":false},"excerpt":{"rendered":"<p>When dealing with buying a lake home, you might hear the term &#8220;escalation clause&#8221;. If you&#8217;re familiar with this term, you might be wondering if it is a good or bad thing. Even if it is something you&#8217;ve never heard of before, finding out what it means can benefit you in the future. Lake Homes Realty&#8217;s CEO, Glenn Phillips, discusses what this is and whether an escalation clause is something good or something bad. Before going into the buying process and expecting things to flow a certain direction, reach out to a lake expert for more help. They are always&hellip;<\/p>\n","protected":false},"author":50,"featured_media":23989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15429,12062,3],"tags":[341,20,96,8128,63,139,10090,33,149,138],"class_list":["post-23748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ceo-insights","category-for-buyers-advice_and_tips","category-advice_and_tips","tag-lake-activities","tag-lake-homes","tag-lake-life","tag-lake-lifestyle","tag-lake-living","tag-lake-real-estate","tag-lake-real-estate-advice","tag-real-estate","tag-real-estate-advice","tag-real-estate-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Whiteboard Topics: Escalation Clauses When Buying A Lake Home: Good Or Bad?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lakehomes.com\/info\/lifestyles\/whiteboard-topics-escalation-clauses-when-buying-a-lake-home-good-or-bad\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Whiteboard Topics: Escalation Clauses When Buying A Lake Home: Good Or Bad?\" \/>\n<meta property=\"og:description\" content=\"When dealing with buying a lake home, you might hear the term &#8220;escalation clause&#8221;. If you&#8217;re familiar with this term, you might be wondering if it is a good or bad thing. Even if it is something you&#8217;ve never heard of before, finding out what it means can benefit you in the future. Lake Homes Realty&#8217;s CEO, Glenn Phillips, discusses what this is and whether an escalation clause is something good or something bad. Before going into the buying process and expecting things to flow a certain direction, reach out to a lake expert for more help. They are always&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lakehomes.com\/info\/lifestyles\/whiteboard-topics-escalation-clauses-when-buying-a-lake-home-good-or-bad\" \/>\n<meta property=\"og:site_name\" content=\"Lake Homes Realty Articles and Info - LakeHomes.com\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/LakeHomesRealtyLLC\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-26T13:04:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-05T14:18:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lakehomes.com\/info\/wp-content\/uploads\/2024\/06\/precondo-ca-QHDFm084RNk-unsplash-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Zac Parnell\" \/>\n<meta name=\"twitter:card\" 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