All Forum Posts by: Jeffrey Kempf

What are your thoughts on escalator clauses?  I saw in other forum discussions (from years past, nothing too recent) that people have had some success with them.  Obviously they make more sense in hot market like right now than during a downturn.  Do you like receiving them as a listing agent (or seller)?  Do you like using them as a buyer's agent (or buyer)?

My fear has always been that the listing agent will have a friend put in a bogus offer just below the top end of the escalator clause to ensure maximum sale price.  Another fear is "showing your cards"; that the listing agent (or seller) will start telling other potential buyers where the top of the escalator is in order to drum up even higher offers.  Has anyone ever been burned like this?

If I ever use an escalator clause, I require written proof of the other offer(s); but again, who is to say it isn't fake?  Are there better protection measures than this?

Thank you!

Do you typically pay for a separate septic tank inspection in addition to the standard home inspection when purchasing a home?  In my area, the septic tank companies are saying they will need to pump the tank ($400) before they can inspect it (another ~$400).  That ends up being a lot of money spent on inspections prior to purchasing.  The house was constructed in 2005, and the sellers only bought it two months ago so they could flip it, so they are not knowledgeable as to when it was last pumped or inspected.

I figure the smart thing to do is pay for the pumping and inspecting, if it turns up any concerns then renegotiate the sale price; and if it doesn't, at least I have the peace of mind of knowing it is empty and in good working order upon purchase.  However, saving that extra $800 would be nice, too.  Thoughts?