How being greedy cost me a deal

[Alan Asriants]

I was once negotiating a deal, and I got really greedy

I could've picked up a duplex for 415k, but I decided to push the seller. I saw the value in the property and it was worth way more than 415k

I tried to throw in more seller credits and make a crazy deal happen.

Instead of giving them the fair offer, I pushed. The next day a smarter investor offered them a full price cash offer, at that point I was beat.

That duplex is worth 510k+ in the same condition today

I learned my lesson after this mistake.

A couple months later, I was under contract for a House Hack, when an agent called me and asked what I was under contract for.

She was listing the same duplex across the street and wanted to gauge the market. Her property was in a bit poorer condition.

I told her I was under contract for 380k, which was an amazing deal at the time.

I asked her to not list it on the market and let me know what the seller was hoping to get for it.

She called me and told me that because of the condition they think that 360k was fair. After learning my lesson on the other duplex, I gave them a full price offer and great terms.

I got the property under contract immediately without it hitting the market.

If the deal works, and the price is fair, sometimes it is best to give the seller what they are asking. Squeezing them might help, but it can also kill your next deal.

A similar duplex just sold for 435k. I am glad I didn't try to squeeze them