Here are the most frequently asked questions about acceleration addendum.
What is an acceleration addendum, and how can you use it in Northwest Ohio? I’ve received these questions a lot from my clients. To provide some clarity, I will share some basic know-how about this topic:
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What is an acceleration addendum? It is a new standard Northwest Ohio contract addendum that allows buyers to write offers stating the price they’re willing to pay and how much more they’re prepared to pay above that.
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When do you use it? You can use it when you’re serious about buying the house.
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Who can use it? An acceleration addendum is a great option for people who have carefully thought about the decision and have the resources and cash to pay over the list price for a house.
“An acceleration addendum shows your seller that you’re willing to pay more.”
- Who should use it, and who shouldn’t? Those who have the cash and buying power can take advantage of the acceleration addendum, but those who don’t are better off not using it.
- What does it do? This gives you a chance to set and put into writing the proper terms, such as your escalation cap. If you do it right, you can win your dream home.
This addendum shows you’re willing to pay more and are confident that home values will continue to increase. It’s been used successfully by many of my clients, provided it was the right option for their situation. If you need more details about this topic or have any real estate questions, call or email us. Let’s connect!
