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Speaker 3: The next thing I want to talk about is the
Speaker 3: escalation cause there's a I don't know. I think Matt
Speaker 3: always has strictly for live men, not for freshmen. You know,
Speaker 3: an escalation cause basically means that you you go and
Speaker 3: you see a property, and you put an offering on it,
Speaker 3: and in the event that someone outbids me, bids me
Speaker 3: the the the price will incrementally go up. What's the
Speaker 3: downside behind this? How do you know the owner is
Speaker 3: not just telling you that somebody else put an offer
Speaker 3: in just to raise your price? How do you know
Speaker 3: that it's not the owner's cousin or somebody else. So
Speaker 3: it kind of leaves it kind of leaves you in
Speaker 3: a in a vulnerable situation. But this is this is
Speaker 3: something that you would do if you just had to
Speaker 3: have this property and you're you know, you're willing to go,
Speaker 3: You're willing to go a little higher higher than then
Speaker 3: and it typically would sell for I've used it in
Speaker 3: my twenty plus years.
Speaker 4: I've used an escalation clause only one time.
Speaker 3: And the reason why I used an excallation clause was
Speaker 3: I already owned two buildings that went right next to
Speaker 3: each other, and I was trying to acquire a third,
Speaker 3: so I did not want a risk not getting that property.
Speaker 3: So at that point I put the escalation close up
Speaker 3: that I would pay ten thousand dollars more than any
Speaker 3: other offer. Actually I ended up paying about forty thousand
Speaker 3: dollars more. I ended up paying forty thousand dollars more
Speaker 3: for the property because they came back like three times
Speaker 3: talking about, oh yeah, we got another offer, and we
Speaker 3: got another offer, and YadA, YadA, YadA, Like could they
Speaker 3: have been pulling my chain?
Speaker 4: Yes, But on a on a million.
Speaker 3: Dollar property, forty thousand dollars is really not that big
Speaker 3: a big of a deal in your mortgage, and especially
Speaker 3: if it means having three properties in a row, which
Speaker 3: makes managing much much.
Speaker 4: Easier and stuff like that.
Speaker 3: So whenever, whenever you put an escalation clause, also keep
Speaker 3: in mind that you really need to have a tight,
Speaker 3: you know, a tight contract together and make sure that
Speaker 3: the offer you're clear on what you're willing to do,
Speaker 3: what you're not willing to do, what kind of prove
Speaker 3: needs to be be provided, you know, because it's just
Speaker 3: like one of the things you have to tell you
Speaker 3: have to include in the contract is that that the
Speaker 3: offer has to come from an agent and they have
Speaker 3: to listen who the agent is, right so so now
Speaker 3: so now it's just if somebody wants to play a game,
Speaker 3: it's just more lying that they have to do and
Speaker 3: more people that they have to get involved. And it
Speaker 3: also gives you more opportunity to to smell something funny
Speaker 3: if need be.
Speaker 4: All right, any questions on this one.
Speaker 5: There was a question in the chat, but I think
Speaker 5: you kind of answered it. Jay said, are you not
Speaker 5: obligated to disclose? Are they not obligated to disclose a
Speaker 5: higher bidder when it comes to escalation clause? But I
Speaker 5: guess it's something you could put in there, right, Yes.
Speaker 3: That's something like depending on how you write it, Like
Speaker 3: if you're off, you don't have to let the other
Speaker 3: buyers know that you have an escalation clause, but they
Speaker 3: have to let you know, depending on how you write.
Speaker 5: It, Jasmine and the chat says, so it's adding an
Speaker 5: escalation helpful and getting the contract given the risk.
Speaker 4: It is helpful.
Speaker 3: It makes it It does increase your your likelihood of
Speaker 3: getting the deal done because the buyer knows. To me,
Speaker 3: the seller knows that you're you're for real and you're
Speaker 3: you're definitely going to end up with it. It's just
Speaker 3: how much you're going to pay for it, you just
Speaker 3: don't know. So again, I would always I would only
Speaker 3: go with this strategy in the event that this is
Speaker 3: a must have property.
Speaker 5: For you, right, because it kind of locks you into
Speaker 5: having to pay this higher price.
Speaker 4: Right, it locks you in.
Speaker 3: And another way that you know you can get you
Speaker 3: can get a deal done is by the mentality of
Speaker 3: putting a larger down payment it down. So typically typically
Speaker 3: people put ten percent down, right, and whether you put
Speaker 3: ten percent down, twenty percent down, fifty percent down, or
Speaker 3: one hundred percent down, the deal does not close's not
Speaker 3: fund until it closes. So with that, With that being said,
Speaker 3: it doesn't really matter what how much.
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Speaker 4: To put down.
Speaker 3: Because you're still at the same You're at the same
Speaker 3: risk now to the seller. The more money you put
Speaker 3: down it shows your conviction to the deal. It shows
Speaker 3: that you are that you have the financial wherewithals to
Speaker 3: get the deal done, and that you're super serious. You know,
Speaker 3: the downside is that you use access to your money
Speaker 3: for no reason. So if the deal, if the deal required,
Speaker 3: let's say, if ten percent down on a million dollar deal,
Speaker 3: one hundred thousand dollars would have gotten the deal done.
Speaker 3: I mean, is the basic that people typically do that
Speaker 3: you say I'm going to put you know, twenty five percent,
Speaker 3: which is two hundred and fifty thousand dollars.
Speaker 4: That's the extra hundred and fifty thousand dollars that you
Speaker 4: don't have for sixty days.
Speaker 3: While this is all coming to fruition again, all of
Speaker 3: these are things that must be taken into consideration, and
Speaker 3: you really have to know what you're doing to make
Speaker 3: sure this is what you want to do.
Speaker 4: All right, Any questions on this one, I.
Speaker 5: Don't see any hands.
Speaker 4: No, all right, cool.
Speaker 3: Next thing you want to do if you want to
Speaker 3: get your if you want to get your accept your
Speaker 3: offer accepted, make the deal as clean as possible. Minimize
Speaker 3: your contingencies, Like you don't want to say stuff like oh,
Speaker 3: I'm going to buy this house if I sell my
Speaker 3: house and depending on what the bank says, and I
Speaker 3: have to get my contractor in here first to see
Speaker 3: what he what he has to say about this wall
Speaker 3: over here, because I'm you know, so I's not trying
Speaker 3: to hear all that. You know, what a seller wants
Speaker 3: to hear is, hey, I want to buy this house
Speaker 3: hundred fifty thousand, just that the other close the very day,
Speaker 3: blah blah blah, as clean as clean as possible, you know.
Speaker 3: The one of the one of the things that you
Speaker 3: could do is wave more contingencies to make your you know,
Speaker 3: to make it more attracted to the seller. You know,
Speaker 3: no concessions, No, well, I need you to do this
Speaker 3: for me at closing and give me some money back.
Speaker 4: And that the more complicated.
Speaker 3: And convoluted, the more complicated and convoluted your deal is,
Speaker 3: the better it is for me. And when I come
Speaker 3: in there and be like, yo, here's my money. Let's
Speaker 3: let's get this popped in thirty days.
Speaker 4: From now we close.
Speaker 3: And another thing eat this is this is something that
Speaker 3: you got to keep in the back of your mind
Speaker 3: even though you wave, you wave like your like mortgage
Speaker 3: contingency or inspection contingency or financing contingencies. Have to keep
Speaker 3: in the back of your mind that that makes sure
Speaker 3: that this will appraise like like it it's a game
Speaker 3: of it. This is a game like that of chess.
Speaker 3: Like you say, oh, I'm willing to take this whether
Speaker 3: it appraises or not. That's what you say, But you
Speaker 3: have to look at the property and know know what
Speaker 3: you're talking about and know that I'm only saying that
Speaker 3: because I know it's going to a praise. You know,
Speaker 3: you have to say that I'm willing to take this
Speaker 3: property with no inspection contingency. That must mean that you
Speaker 3: have some general knowledge of structural and buildings that you
Speaker 3: can walk through the house and see that there's nothing
Speaker 3: there's nothing major that you're that might be sneaking up
Speaker 3: on you like you like you say you're taking it
Speaker 3: with no contingencies, But before you say there are no
Speaker 3: there you're taking it with no contingencies, make sure that
Speaker 3: you wouldn't have an issue with that in the first place.
Speaker 4: Did I say that properly? Do you get what I'm saying?
Speaker 6: Yeah?
Speaker 5: Makes sense? Like, don't waive it if that's not something
Speaker 5: that you know about. If you needed pfessonel in there
Speaker 5: to actually inspect the place, and don't say you're cool
Speaker 5: without having an inspection, because you don't really know what
Speaker 5: you're getting into. Is that's how I understand.
Speaker 3: It exactly, And the same thing is like, oh, oh no,
Speaker 3: it doesn't matter if the appraises are not. So the
Speaker 3: only time you say it doesn't matter if the praises
Speaker 3: are not if you know it's worth five hundred and
Speaker 3: you're getting it for four hundred, so you know you
Speaker 3: don't want to. You make it sound like you're giving
Speaker 3: them something, but you're not really giving them anything.
Speaker 5: Right, Okay, that makes sense because you know for sure,
Speaker 5: based on your homework or whatever, that it's going to
Speaker 5: praise higher. So that doesn't need to be a contingency
Speaker 5: and an added hurdle that might look like an added
Speaker 5: hurdle in the contract.
Speaker 4: I guess exactly.
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