Phil Nordella, Santa Clarita Valley real estate professional and host of weekly KHTS show ‘Real Estate: It’s That Simple’ alongside co-host Taylor Williams-Moniz of Donahoe, Young & Williams Law, discussed real estate as well as local issues.
On this episode of ‘Real Estate: It’s That Simple’ Nordella and Williams went over issues such as the City Council’s voting against transferring serious juvenile offenders to facilities in Saugus, in addition to the topic of escalation clauses and their effects on real estate.
“They just announced plans in late May to move the juvenile offenders to two facilities,” Nordella said. “First thing is, any time you actually go from nonviolent to violent, it scares the heck out of the community.”
The move by government officials to move certain types of inmates to nonviolent offender facilities near Santa Clarita is cause for concern, according to Nordella and Williams.
“Here is my question: there’s seventeen camps in California. How many are they closing and how many are we getting?” Nordella asked.
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The discussion on ‘Real Estate: It’s That Simple’ shifted to real estate, and specifically the topic of a concept known as escalation clauses.
What an escalation clause would mean for home buyers is that when you add this type of clause to an offer, you are letting the seller know the highest possible amount you could purchase.
The escalation clause is allowed to include a stipulation that the buyer can purchase a home and pay $1,000 more than whatever the highest offer of a home is, according to Nordella.
Nordella cautions listeners to follow certain rules before using an escalation clause, including making the clause non-binding, not writing one unless a home is perfect, not including an escalation clause in the first offer, making sure there are already multiple offers and always putting a not-to-exceed amount on the clause.
To reach Phil Nordella call (661) 312-3561 or visit philnordella.com.
To reach Taylor F Williams-Moniz call (661) 259-9000 or visit dywlaw.com.