By Sean Patrick O'Feery, May 19, 2021
Not every listing agent or seller is willing to work with an escalation clause, but when there is an opportunity, we are finding success with them.
Here is a real world example-
- My clients are looking to buy a home that is super dreamy but don’t want to over pay.
- The comparable sales from six months ago don’t hold up to the market we are in, the pace is too fast for comparable sales to really track with, so the Comparative Market Analysis we would usually use to find our price is less helpful.
- There is always the question of, ‘what % over list do we need to consider to be successful?’ That would be an easy answer if every home for sale held the same philosophy on pricing. If that was the case we could develop a metric like X% over/under listing price will do the job. The truth is, sellers and agents set the price of a home together and there are many ways to come to a list price and every home on the market gets a varying amount of interest and therefor offers to compete with my clients offer.
So, what can we do?
An escalation clause can be a great tool in this situation. It simply says, this buyer will beat any competing offer and top it, for example, by $5000 up to $XXX,XXX. In an effort to start the sale in good faith, you also stipulate that this buyer receive from the sellers agent a redacted page one of the competing offer.
There is a bit more to it, but that is the basic outline and, in this case, it worked and our clients are the happy owners of the super dreamy house!
If you’re looking for a buyers agent that utilizes all the tools in this competitive market, don’t hesitate to call!
Sean O'Feery
Broker | Earth Advantage | ADU Specialist | OR
He, Him
Hello my name is Sean Patrick O'Feery,
I am thrilled to give you the attention to detail and service that you deserve from a skilled, motivated and intuitive Real Estate agent. I love this work and will make your purchase or sale to be as smooth, rewarding and exciting and it should be.
- My business has been built on referrals; over 95% of my clients come to me from other happy clients, friends, family or trusted lenders.
- Integrity is the most important component of my business. My reputation is a reflection of the integrity I bring to my work and I work hard to earn it. You can count on me to give you my honest and informed opinion that will serve you first. My fiduciary responsibly is to you; my client and I hold this ideal to the highest standard.
- Communication is essential! I will provide you complete and timely information so you can make good decisions. I will keep you informed to the next step and beyond at every point of the process from the introduction meeting to the closing and beyond.
- Negotiation skills in this business are a must; I will be a fierce advocate for you throughout the process.
- A broad knowledge of homes and their conditions. Whether it is a 1909 Craftsman or a LEAD Certified new construction it is important to have experience of what and where to look for quality or concerns. We have our own experience in remodeling homes and maintain good relationships with inspectors and contractors.
- I am always seeking to refine my practice, learning new tools or to solidify my knowledge of our market, neighborhoods and the inventory. You can count on me to be informed, skilled and up to date with the latest search and marketing tools.
- I want to maintain our relationship to continue and to be a valuable resource for you. I love to be of service.
Over the past decade we’ve remodeled six homes. Nieka, my partner in all things including the adventure we call marriage and I work side by side. We also self manage six rentals. Knowing contractors and sweeping up drywall dust is a part of our lives.
I spend winters watching the snow reports of Baker, Steven’s, Crystal, Brundage, Meadows and Mt. Bachelor. Photo is circa 1993 coming down from Camp Muir on Mt Rainier… in Oakley Blades.
This is my wife. This is my child. My pets. My family.
If you would like genuine, focused and sincere representation in the sale or purchase of your home
please call or email, providing excellent service has been a long-standing source of pride.
Sincerely,
Sean O’Feery
(206) 795-0703
sean@livingroomre.com