Have you ever submitted an offer and had the seller say “Thanks for the offer. Would you like to try again?” I’ve delivered this response as the seller’s agent, as well as received this response as a buyer’s agent.
It’s really not a lot of fun to be delivering or receiving this response. If you’re the seller’s agent, it means that someone most likely submitted a low ball offer. Your seller client got excited that they were getting an offer in, only to have that positive emotion deflated because the potential buyer is not anywhere near the realm of reality on pricing.
If you’re the buyer’s agent, it means your buyer goes back to the drawing board. They either walk away from the property and continue their search or raise their bid. Buyers are typically disappointed with this answer because they feel the seller has conceded nothing and they then need to give more to the seller.
Negotiating is an art, not a science. The theory for buyers often is “it never hurts to ask,” but in some cases you just aren’t going to get anything in return and need to ask again- typically offering more money.