Greedy mistake, or just keep looking?

[Donald S.]

Question for you. Had a property come back on market, asking price was reasonable to do a flip and make a good profit, I made an offer at 20% less than ask to see if I could get an even better deal. They accepted a better offer w/o even countering mine. Was I being greedy? It's in a highly desirable area. Should I have just gone w highest and best off the bat? Did I make a newbie greedy mistake or should I stick to my guns on offering ~20% below ask always, even if the numbers are good at the asking price?