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Originally Posted by MeredithMan
This is not really lake-related, but it is another data point on how crazy the RE market is right now. We have family friends who recently retired and they decided to sell their house, buy an RV, and tour the country. Their home is a late 1950's split-level in Framingham, MA. Listed the house for $589K. In the first weekend, they had 25, (yes, TWENTY FIVE), offers and accepted a cash offer $90K over asking price. They close in 3 weeks.
I've also heard from realtor acquaintances on the lake that many offers now contain "escalation clauses", whereby the buyer writes into the offer that they will go $___ over their offer, and it's usually 50-100K over.
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We retired from the real estate business several years ago, so the concept of an escalation clause in the contract would keep me awake at night. Most realtors are honest, but I can imagine a shady listing agent maneuvering so that the buyer wound up paying the higher amount. I asked a real estate attorney friend about it, and he is familiar with its usage. He says he would never recommend having a buyer put that clause into a contract.