What is an escalation clause?
Escalation clauses typically have a cap.
Escalation clauses specify an amount to go over the next highest offer.
What an escalation clause often looks like in Hampton Roads (52-line form)
What an escalation clause looks like (much more brief) typically in SE VA outside of Hampton Roads (& which could be used in some other states, though be sure to confirm with the contract & with local law before use)
Proof of Funds &/or Preapprovals
Virginia Association of Realtors Info on Escalation Clauses
Related for Buyers:
Related for Sellers: