I agree with livinthedream, a low offer is one thing but appraised/bank value is another because they are so conservative. We recently purchased a property that has been on the market for 12 mths in an expensive tourist town and offered just over 10% below advertised price which they knocked back but we negotiated and got it at 45k less than they wanted but that was still less than 10% below. I would be talking about other stuff on the property once you actually have bought it.