Senate Bill Would Give First-Time Homebuyers Up to $50K—but It Faces Uphill Battle in Congress

A new bill introduced by Sen. Jeff Merkley (D-OR) aims to make homeownership a reality for more Americans by allowing them to receive up to $50,000 from the federal government for a first-time home purchase. The Homeownership Promise Act, cosponsored by Sen. Ron Wyden, a fellow Oregon Democrat, woul

What Is an Escalation Clause in Real Estate? How It Works

An escalation clause is a provision in a real estate offer that can automatically increase the buyer’s price if the seller receives a higher competing offer. The buyer typically specifies both how much they’re willing to beat another offer by and the maximum price they’re willing to pay. Escalation

What Does As Is Mean in Real Estate? A Guide to As-Is Home Sales

When a home is listed for sale “as is,” the seller is generally telling buyers that they don’t plan to make repairs or improvements before closing. That doesn’t necessarily mean the buyer gives up every protection. Depending on the contract and state law, buyers may still be able to inspect the prop

What Is a Seller Concession? How Seller Credits Work

A seller concession is an agreement in which the home seller pays certain costs that would otherwise be the buyer’s responsibility. That can reduce the amount of cash a buyer needs at closing. For sellers, agreeing to  to a concession can be part of negotiating an offer without necessarily lowering