Article: Timing Clauses Stop Sellers From Inciting Bidding Wars
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Timing Clauses Stop Sellers From Inciting Bidding Wars
It is no secret that the current real estate market is hot, hot, hot. Sellers can receive multiple bids for their property on the same day. In the rush of the moment, your emotions can carry you into a bidding war. Using timing clauses can help avoid such a situation and protect you from buyer?s remorse.
Timing Clauses ? Drop Dead!
A timing clause is inserted in an offer to avoid open-ended bidding wars. You do not want your offer to be ?on the table? indefinitely. Such a situation inevitably leads to a bidding war where sellers ?auction? up the price of home to a sellers benefit. To avoid this, you should choose to put a ?drop dead date? on your offer. You would include language that says something like, ?This offer is open until withdrawn or until 9:00 P.M. ...
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