Buyers can specify their offer price in two different ways.
- Exact Offer (no escalation) lets you specify an exact price for the home. However, in the best and final stage, any exact price offer must be an improvement over the current highest offer (in both price and terms).
For example, you could offer exactly $1,100,000 for the house.
- Offer with Escalation with a minimum and a maximum. The minimum must be greater than or equal to the Starting Price. The maximum is the highest price that you are willing to escalate up to. In traditional real estate transactions, this is referred to as the "Escalation Maximum". The maximum would be reached only if competing offers escalate the price to that level.
For example, you could offer $950,000 escalated to a maximum of $1,100,000 but only if competing offers triggered the escalation to the maximum amount.