So I’m about to close on a home that I put an offer on that was accepted. The family really loves it and we’re very excited.
After having two previous offers rejected on two other homes, we had decided to get more aggressive. I had a good sense of the market and felt comfortable waiving the appraisal contingency while also adding in an escalation clause (we really really wanted this home).
Initially, I thought about offering over asking with an upper limit that was $30k over that offer, but then though maybe with my appraisal contingency waiver and escalation clause, why not just offer the asking price?
I asked my realtor what the difference would be and why not just offer the asking price and let the escalation go up from there? He told me that the higher offer would stand out more; so I decided to put in the offer over asking. Well, we won the offer and the escalation clause did not go into effect (whew!). I’m excited, but can’t help but think that I could’ve gotten the home for much closer to the asking.
Did my realtor mislead me? Should I have just offered the asking price if there was an escalation clause in place?