A new record set on this one

[Will Barnard]

In a recent deal purchasing an REO (Freddie Mac), I encountered numerous problems with not only getting the deal locked up, but dealing with all the Freddie issues as well.

So the new record is this: NINE counters before fully executed into escrow! Here is how it went down. . .

Seller wanted $520k, they had a previous escrow fall out in the high $400's (I think $480k), my offer was $425k, expecting to be around $440k. Seller counter number one was at $430k. I was ecstatic, and accepted. Then Freddie comes back with an answer that higher management reviewed and declined, and they counter (2) at $490k! Upsetting, but I am not giving up. I counter back at $435k, they counter back (number 4) at $480k. Since it is clear they are going to play the game, I decide to hammer right back with a counter number 5 at only $1k more. They finally come back with counter number 6 at $460k and it states seller's best and final. I proceed to counter back at $440k with buyer's highest and best (counter 7). They come back with a $450k counter number 8, so much for seller's best! I then counter that at $445k, counter #9 and they sign off and open escrow.

A major pain but a great lesson in negotiations and to ignore so-called final offers!

I record on the closing of this deal today!

[Zachary Dosch]

No, Will, I will no play poker with you!