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In a multiple offer situation, it allows you to "escalate" your original offer up to the max you're willing to pay in increments of your choosing.
If asking price for a house is $500k and you're willing to pay like $510k or something like that for it, you can do an escalation up to $510k in increments of say, $1k, so if the highest other offer on the table is $505k, you'd pay $506k.
I'm also not positive if this exists in other states, but it comes into play a lot in Maryland.
Oh ok, that’s good to know. I never knew that existed anywhere.