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Updated over 2 years ago,
Escalation clause- please help!
Hi, we just put an offer for a ranch yesterday in a super hot market. We were advised to include an escalation clause. The asking price is $898K. Our offer was $925K with an escalation clause of $5K. The sellers came back rejecting this offer and asking $950K and saying they would cancel the open house from today. There is no evidence of anything driving up the price. The seller said that the other two offers came lower. I believe what is driving up the price is them seeing our “cap”. How should we proceed? What could be our counteroffer? Should we just step out? It feels unfair that nothing else is driving the price. Thanks!