Last spring my partner and I were potential buyers. After looking at a myriad of properties with our agent, we finally found one that we thought might work for us. But as much as I liked the property, I was uneasy about the ups and downs of business during the past 6 months, so I clearly didn't have 100% peace of mind. I also was a bit apprehensive about the location.
I've always tried to operate my business from the philosophy of When in doubt, don't.
So I decided to put out a fleece and my partner agreed that it was the right thing to do. A fleece, in this case, was to determine in advance whether something will be a deal breaker or a deal maker. In my case, I decided that if, after making the offer, we were told there was another "miraculous" offer on the table, we would withdraw our offer immediately. I had no intention of getting into a bidding war or even putting myself through the stress of competing with another buyer for one second.
Sure enough, we were told there was another offer. Quite honestly, I couldn't help but be suspicious as the property had been on the market for some time. Having put out my fleece in advance, it was a very easy decision to make. We withdrew immediately.
Had I gone ahead and fought for the property and had our offer been accepted, we would be upsidedown right now and would have lived to regret the decision for the rest of our lives.
I know this may seem like a crazy way to make one's decisions, but for me peace of mind is everything.
I realize it was a huge disappointment to our agent, but when the time is right, we certainly will give her the opportunity to sell us something else. In spite of her disappointment, she was completely professional about the situation, and I appreciate that, though I doubt that she understood what happened.
When in doubt - don't.
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