What are negotiating best practices?

[Andi Sjamsu]

Good morning.  We were looking at 2 potential properties and last week we eliminated 1 of them and put in an offer on the other.  I have it in my mind that I would do "3 strikes" meaning that I'd put in an offer and at least 2 additional counter counters before pulling the plug.  That seemed like a reasonable amount of effort or should I throttle back to initial, counter by seller (if they don't accept), then go straight to BAFO (Best and Final Offer)?

Thanks.