Buying a house on Faira is similar to buying a product on eBay. When making an offer a buyer may choose to set a maximum price (escalation). If a competing offer is made the first buyer's offer will escalate automatically up to the maximum. A buyer's maximum price is always completely private from other buyers and the seller.
If an offer has a maximum price set, it is escalated in increments of $1,000 only if another buyer offers higher. For example, if the house has an asking price of $580,000 and your offer has a maximum price of $615,000 and someone else offers $600,000, your offer will escalate to $601,000.