Selling
06/26/17 | Liz Lyster
In a competitive seller's market (which is exactly what we have in the Greater Boston area), buyers sometimes write escalation clauses into their offers. But when we're working with sellers, we recommend that they not consider offers with an escalation clause. We will explain why we avoid them, but first let’s talk about what an escalation clause is, and how it works.
As a seller, you will sign a listing agreement with your agent. You have three options regarding how you want any offers on your property disclosed to buyers:
Ellie and I suggest our clients choose #2. This allows us to build excitement about your listing by disclosing the existence of other offers. (Sometimes we have more than a dozen offers on a home—recently we had 18!) However, by not publicizing the proposed offer amounts, buyers are encouraged to create the best possible offer, which tends to push the offer amounts up. You often receive the strongest, most straightforward offers this way, and can move forward with the sale of your home without the hassle of analyzing and breaking down escalation clauses.
The bottom line? If you consider offers with an escalation clause, you risk leaving money on the table. Don’t do it!
If you have additional questions or want to get started selling your home, please contact Ellie and me. We’re here to help.
With April 15 fast approaching, taxpayers are gathering receipts and official forms and filling out tax returns (or else there’s some serious procrastination going on). We want to remind homeowners that a myriad of tax breaks exist if you own a home–so don’t forget to take your rightful deductions!
How much could you save in property taxes with the residential exemption?
Happy International Women’s Day! Today, we celebrate the contributions of women all over the world. But because we’re Liz & Ellie Local, we are highlighting the incredible life of Cambridge’s first Black school principal, Maria Baldwin. Our very own Liz Lyster sits on the Cambridge Historical Commission, and she shared with us that Maria Baldwin’s home on 194-196 Prospect Street was approved as Cambridge’s 43rd designated landmark during their recent meeting. This means that the publicly-visible exterior of the home is protected from alterations, and the home will be preserved as an important part of Cambridge’s history. It also means that people need to know what Maria Baldwin accomplished that drove this landmark designation. Her story does not disappoint.
With their complementary communication styles, responsiveness, competence, and ability to truly listen, Ellie and Liz enable their clients to feel at ease throughout any real estate transaction. They would welcome the opportunity to be your next real estate advisors.
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