How do you specify offer pricing?

Buyers can specify their offer price in two different ways.

• Exact Offer (no escalation) lets you specify an exact price for the home.
  • In the initial offer or closed phase, you can submit any amount you want.
  • In the best and final offer or open phase, any exact price offer must be an improvement over the current highest offer (in both price and terms).

• Offer with Escalation with a minimum and a maximum.

• • Initial Offer or Closed Phase: Both the minimum and the maximum can be any amount as long as the maximum amount is greater than the minimum amount.

• • Final Offer or Open Phase: The minimum amount can be any amount, but we recommend that it be the starting price. The maximum amount is the highest price you are willing to pay.
    • The maximum amount, however, should be greater than the minimum amount. In traditional real estate transactions, this is referred to as the "Escalation Maximum".
    • The maximum would be reached only if a competing offer triggers escalation. The escalation increment is fixed at 0.25% of your minimum offer.
    • Any offer with escalation in the final offer stage must be an improvement over the current highest offer (in both price and terms).