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Old 09-15-2021, 02:39 PM
 
Location: Martinsville, NJ
6,175 posts, read 12,940,454 times
Reputation: 4020

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Quote:
Originally Posted by Kthnry View Post
Ten years ago I moved from the DC area, where escalation clauses are common, to NJ. My NJ realtor wanted nothing to do with them. She said they weren't used in NJ and kind of implied they might not even be allowed or legal. Seemed odd to me but I ended up getting the house I wanted so I let it drop. I don't see why realtors would be opposed to them.
They are allowed, and completely legal, in NJ. We've been using them for years, though they have gained some traction in the recent seller's market. They can be a great tool for buyers, and should result in the seller getting the best price for their property in certain circumstances. Most sellers don't have any particular opinion about them until they are "educated" by their real estate agent, and if their agent has a negative view, they'll skew the discussion that way. The only real estate agents who don't like them are those that either can't explain them correctly or are afraid they might be losing out on something by accepting one.

Last edited by Bill Keegan; 09-15-2021 at 03:18 PM..
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Old 09-15-2021, 03:21 PM
 
Location: Bergen County, NJ
4,029 posts, read 3,639,406 times
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I think it’s easy to argue that as a seller, you are losing something by allowing them. It only benefits the buyer. But I’m open to being wrong if you can explain why a seller should be open to it in a seller’s market.
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