Quote Originally Posted by indysteel View Post
Yep. I sold my house last year for far less than I paid for it in 2002. I at least didn't have to bring money to the table, but it was still a bitter pill to swallow. I remember the feeling in the pit of my stomach when my realtor explained that homes had lost roughly 25% of their value since the market high.

It's all about the sold comps in your area. I know it's hard to accept, but what you paid or put into it, just isn't all that relevant from a market analysis standpoint. That's not to suggest the offer was reasonable; only that the best way to arm (or brace) yourself is with a careful review of what's sold in your area within the last 6 months. Hopefully, your realtor has already done that for you, but I know some realtors just arent' being as frank as they arguably should be with their clients.
The offer was unreasonably low according to my agent. She priced the house $15K less than we listed it for last fall because of the comps. The buyer's agent has a reputation for making very low offers, apparently giving her clients the expectation that their offers are reasonable, when in reality they aren't.

I countered the offer, and it was turned down. Considering the house has only been on the market for a week, I don't feel obligated to accept an extremely low offer.