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 buyers 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 You would include language that says something like, This offer is open until withdrawn or until 9:00 P.M. on Tuesday, June ____, 20__, whichever comes first.
Lets look at an example of how a hypothetical situation might work out.
Say the asking price of the home is $995,000. Your offer is $995,000 with a drop dead date of September 1, 2005. On August 29, 2005, the seller informs you of a competing bid for $1,000,000. While your immediate reaction is to panic and up your offer, you should instead calmly ask...
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