I've seen similar results when homeowners and builders turn down early bids
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Back in ‘07 or so, a spec builder priced his mid-country project at $9 million, and turned down an offer of $8. He subsequently dropped his price to $8 million, but the best offer he got was $7 which he turned down again, figuring, doubtless, that there was another $8 million buyer out there. As it turned out, there wasn’t, and those of us on the sidelines watched with a certain amount of sympathy as he kept dropping his price, trying to recapture the last bid. Eventually, he was foreclosed on, and five years or so after the house first hit the market, the bank sold it for $3.5. He got nothing, of course.
Be a doo bee, not a no bee.
