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Anticipated by the market are further drops in the price. Created is a “let’s wait and see if we can make a better deal” mentality. You burn valuable daylight reaching the market. Meanwhile, purchasers have bought elsewhere. That popping sound you hear is your strategy back-firing!
Typically, a “best and final” follows the initial offering round and a buyer is chosen. Players in this arena are used to un-priced opportunities and therefore will react positively. Just know, if you’re after a less seasoned buyer – your effort will suffer – as this group is accustomed to a traditional “ask – offer – response” scenario.
Also, be aware of the other risk – a buyer wins the proposal scrum – but can’t close at the agreed price. Now, you start all over – albeit with several other potentials anxiously waiting for buyer number one to fail.