Five Reasons to Make the First Offer Work

Years ago I bought a residential lot in Carmel Valley and hired a contractor to build a house which I hoped to sell at a profit. The project took more than a year to complete, but I finally listed the home for sale at $420,000.

It took three months to receive the first offer, which was a disappointing $360,000. I countered at $390,000. The potential buyer came up to $370,000. I countered again, this time at $380,000. My counteroffer was refused. “Oh, well,” I thought. “Soon I’ll find another b...