Being Petty vs. Knowing When to Walk Away

[Derek Luttrell]

I'm in my acquisition stage, and put an offer on what would have been my 4th purchase in the past 12 months on Monday. It was a 3/2 single family in a top school district, asking $144,000. I offered $135,000 with 20% down and to close on 7/20/18. They countered at $139,000 and to close on 8/3/18, plus they wanted 3 days' possession so they could move out over that weekend. 

That weekend following 8/3/18 would have been valuable time for me to put in new flooring and start showing to applicants. I'm out of state, about 2 hours away, so I would have had to waste a week before getting the chance to be back in town. They wouldn't budge from their counter, and I did not want to overpay AND give up the 3 days' possession, so I walked. 

Part of me wants to feel proud for not "chasing the deal" just to get my fix of an acquisition, but part of me wonders if it's petty to walk away over $4,000 stretched over a 30 year loan. However, it would have added $800 to my down payment, and the lost opportunity cost of the week I would have waited to be back in town. Anyone out there with a similar experience, or an opinion?