Countering Best & Final

Nowadays, with so many buyers, we’ll often see multiple counters requesting “best and final offer.” This is an interesting negotiating strategy because it’s basically saying: we’re too lazy to request something tangible from you, so just tell us what you’ll pay now that you know how many bidders there are. Then we’ll pick one.

When I get this kind of counter I know the seller is not a business person, but rather someone who wants to be done with their property. And that makes my job easier and harder at the same time.

On one hand, my negotiating ability is taken away…mainly because the agent is not negotiating. So I can’t do what I normally do and read the agent to steal the deal for my client.  On the other hand, the offer falls on my client’s lap now. What Moses says is: Decide what price you will be happy to walk away from and bid one dollar less than that.

At this point, I go over the spreadsheet with you, look at comparables, and help you figure out what you can afford given the property’s pros and cons. Then, the number is up to you.

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