There’s a real estate saying…”Your first offer is usually your best offer.” Like “…location, location, location…”, everyone seems to know that one. I’ve had sellers ask me, “Is it true? Is the first offer the best offer?” Answer… “no, but sometimes it feels like it!”
I listed a property on February 2nd, and we had an offer on the 6th. It was incredibly poorly written (nothing on the financing addendum except the buyer’s names!), but for full price, seller to pay 3% of buyer’s closing costs. That is a great starting point, and the sellers were absolutely willing to work with it. But, due to the blank financing addendum and the ignorance of the buyer’s agent as to the buyer’s financial status, the sellers were handicapped as to exactly how to counter. The sellers countered, and they and I agreed that, given the information we were given (or rather, the lack thereof), it was the best that could be done.
Well, the buyers stopped it all dead in its tracks and refused to negotiate further. I knew the sellers had made the right counter. I knew we’d get another offer. I knew it was well-priced and clean and well-presented. I knew it would probably go for just under asking price and the sellers wouldn’t have to pay for anyone else’s costs. But, boy oh boy, I kept having the nagging feeling that we should have jumped on that first offer and wrestled it to ground, poorly written and all!
Well, multiple offers came in 8 days later, and the sellers accepted the one for just under asking price and wherein they didn’t need to pay the buyer’s closing costs. It was the longest week of second-guessing I’ve ever experienced!
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