Real Estate Tip #3 Never walk away with an “Ace in your pocket,”Express your high bid
Never walk with an “Ace in your Pocket.” Or in other words, always express your high bid before walking away from a deal.
So many times I speak to buyers who’ve submitted offers and are negotiating deals that the seller ultimately rejects or perhaps they don’t take the sellers final counter offer. Inevitably, they call me weeks later and say,”Eric, I don’t see XYZ property anymore.Why has it gone off the site? Was the property sold, moved, or is it now under contract?”
Without fail, we also discuss the details of their deal, where they priced it, and the offers they submitted. I’m always surprised to find out how often someone says, “Well I submitted an offer for $80,000, but I was willing to pay $100,000.”
Then I look at the dashboard, and I see now that it’s under contract or has an accepted offer at $95,000. They lost the deal because they left their “Ace in their back pocket.” They walked away from the deal without expressing their high bid!
Express your high bid – don’t walk away from a deal if you if can pay more.
If you’d be happy owning the property at $100,000, don’t have the deal die on the negotiating table at $80,000. Let the seller know “This is my highest and the best offer” before you walk away.
Remember, never walk away with your ace in your pocket.