To start off with, please be smart and use the EAC-1 addendum prepared by the Florida Association of Realtors…
This is pretty self explanatory. Enter your offer price from the base Contract, then use this form to indicate what each increase is (say 1k to 5k) as the “Escalation Amount” above a competing offer, up to the maximum you are will to spend, the “Maximum Purchase Price” entered. If you’re offering cash then send along proof of funds up to the “Maximum Purchase Price”. IF YOU ARE OBTAINING A LOAN then be careful and ask your lender what will happen if the property fails to appraise, will the loan product allow for either option (a) or (b) to be utilized?
Source: Destination Escalation Clause?
As escalation clauses become more popular during this hot seller
