Snail, I gave a lowball offer and the seller flat out refused me--didn't even counter. Because it was an estate sale and not even on the market, I was able to submit another offer to seller without fear that someone else would beat me to it. Long, crazy, stressful story short, I ended up getting a "yes" on $5000 less than the asking price. And, as it turns out, it makes sense because I got an appraisal showing the house was worth $15000 more than I paid. My offer was way under. In our case, it wasn't worth the $15000 difference to pass on the house. You have to ask yourself that...how much do you want it, and are you willing to budge on your end. If the house has been on the marker for a long time, or if it is a short sale or foreclosure, from what I am seeing here in FL, you can often gamble on a lowball and win. Don't forget, too, that the amount you are approved to finance is usually the amount you pay after covering closing costs and down payment.
