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Mark Your Calanders 

January 4th - City of Pasadena NBA Experience Clippers vs Thunder - Staples Center @ 7:30pm 

January 5th - Rose Buds Official Kids Club of the Rose Bowl Kick Off Event - Rose Bowl Stadium @3:30pm

January 6th - Pasadena Farmers Market - Saturday's at Victory Park 2900 block of N. Sierra Madre Blvd. @8:30am 

January 6th & 7th - Kidspace Children's Museum Pop-Up Program - Kidspace Children's Museum @ 10:30am 

January 6th-28th (Saturday's) - Ranch Open House - The Huntington Library, Art Collections, and Botanical Gardens @ 10:00am 

January 7th - PCC Flea Market - PCC Campus West Side @ 8:00am 

January 7th - Last day of Chagall: Fantasies for the Stage - LACMA @ Mon-Tues, Thur 11am-5pm; Fri 11am-8pm, Sat-Sun 10am-7pm; closed Wed 

January 7th - Last day of Enchanted Forest of Light - Descanso Gardens @ 5:30pm 

January 7th-12th - Pasadena Cheeseburger Week - Participating Restaurants (click this link to learn more) 

January 8th - Japanese Teahouse Tours - The Huntington Library, Art Collections, and Botanical Gardens @ 11:30am 

January 11th-14th - LA Art Show - Los Angeles Convention Center @ 11:00am

January 12th-26th - Winter DineLA 2018 - Locations and Times TBA 

January 13th - Books and Brunch - Sierra Madre Public Library @ 10:00am 

January 13th-14th -  Tasty Food Market - 300 E. Colorado Blvd. Pasadena @12:00pm 

January 15th - Last day of Holiday Ice Rink Pershing Square - Pershing Square Park DTLA Financial District @ 11:30am

January 17th - Painting with Nan Rae - The Huntington Library, Art Collections, and Botanical Gardens @ 11:00am 

January 20th - Culinary Workshop: Dates the Oldest Cultivated Fruit - The Huntington Library, Art Collections, and Botanical Gardens @ 9:30am 

January 20th - Camellia Walk - Descanso Gardens @ 10:00am 

January 20th - Snow Day - Garfield Park @ 11:00am 

January 21st - Pasadena Half Marathon and 5k - Rose Bowl Stadium @ 7:00am 

January 24th - Pinot Noir Around the World - The Huntington Library, Art Collections, and Botanical Gardens @ 5:00pm

January 27th - Tea Sale and Sampling with Chado Tea - Descanso Gardens @ 10:00am 

January 27th - Uncorked Wine Festical - Union Station @ 5:00pm 

January 28th - Museums Free-For-All - Dozens of participating museums (click link for details) @ all day event 

January 30th - Open Mic Night - Altadena Library @ 7:00pm


Contract Corner 

What is an Escalation Clause and When Should it be Utilized?

Deciding what price to offer on a property, especially one that is expected to gain a lot of activity, is no easy task. There are many factors to consider when determining a final offer price in which you feel both comfortable and confident. In a multiple-offer scenario, an escalation clause could be used. This is a clause that allows a home buyer to essentially state “I will pay X amount for this property, but if the seller receives any offer(s) higher than X, I am willing to increase my offer up to the price of Y”. Although this may sound simple, there are many details that should be considered. Typically, an escalation clause consists of the following components:

- What is the original offer?  

- How much will that price be increased above any other competitive offer(s)?

- What would the maximum purchase price be in a multiple-offer situation?

For example, a house is listed at $539,000 and expected to receive multiple offers well over the asking price. Couple A is very interested in this property and wants to submit a strong offer that will be considered among the many others. They decide to offer $600,000 for the home with an escalation clause that states, in the case of a higher offer(s), couple A will increase their offer in increments of $5,000 above the competing offer(s). Their escalation clause stated an upside cap of $620,000. If no additional offers are presented, couple A’s offer remains the original $600,000 and the Seller can decide to accept that offer or counter back. If buyer B offers $610,000, then their escalation clause would take effect and couple A’s offer would automatically rise to $5,000 above that resulting in $615,000. If buyer B offers $623,000, couple A’s maximum bid was $620,000 and the escalation clause would not apply.

It is important to keep in mind that some sellers may choose not to accept an offer with an escalation clause. They may prefer that each potential buyer submits their best and final offer as opposed to displaying any variations. Including an escalation clause in the initial round during a probable counter offer situation could put the buyer at a disadvantage when it comes to the second round of offers. If the top offer is disclosed during the first round and used as leverage it can negate that buyers advantage.

It is crucial that the escalation clause is used with caution and that the context of the situation is considered. Writing an escalation clause in the beginning of a multistage bidding war could put your offer in weak position and prove disadvantageous. To ensure that there is no confusion, the Buyer’s Agent can ask the Seller’s Agent if the Seller is open to such a clause.

Navigating through the labyrinth of details and information of a transaction is exactly why you, savvy buyers and sellers, need an experienced team. The SARKISSIAN + PERERA GROUP is here to help guide you through this process and ensure that you achieve all of your real estate goals! 

Copyright© 2018 Berkshire Hathaway HomeServices California Properties (BHHSCP) – SARKISSIAN + PERERA GROUP. All rights reserved. Any unauthorized reproduction or use of this material is strictly prohibited. This information is believed to be accurate as of January 3, 2018. It is not intended as a substitute for legal advice in individual situations, and is not intended to nor does it create a standard of care for real estate professionals.​

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