Letting Them "Sit & Think About It"

[Nic DeAngelo]

I recently sent out a group of offers to 2 cities I have been researching consistently for the last couple months. The cities are highly desirable, have beaches, and are quality places to live overall.

That said, the offers I shot out were all 30-40% below market as the numbers didn't work any other way.

Of the 7 offers, I got 3 replies from agents inquiring if we would come up on price and 2 counter offers (both were still way outside of my range of acceptable returns).

Once receiving a counter offer on an overpriced property, do you ever "let them stew/think about it/reconsider" while their property goes unsold? If so how long do you wait to hit them with another lowball offer? Do you call and check in in between or use any other tactics?

If not, do you try to get to a strong price immediately and move on if it isn't within your range? Do you resend your initial offer after a certain time?

I've heard both strategies being employed by very respectable investors and wanted to get the BP nation input!