The visitors were leading 16-5 at Edgeley Park before a Sale fightback saw the strugglers earn a 21-16 victory.
"I'm a big believer that in most games of rugby you get what you deserve and I think in the end we probably got what we deserved," Baxter told Sky Sports News.
"From our perspective the game should have been dead and buried at half time. You get that many try-scoring opportunities and yet you blow that many, sooner or later it's going to come back and haunt you."
The defeat has seen Exeter stay in seventh place in the table.