and in fact, may be a number picked totally out of the air.
Some Sellers like to pick a high number and say that someone will come along and pay the price.
Others believe that a low price will attract multiple offers.
Some buyers believe that if they offer a low-ball price that the Bank will counter with what they will tollerate. WRONG!
Trying to hit a happy median between what the bank will accept and what the Appraisal will be is sometimes difficult.
Just know that a LOW BALL offer will not work, not any more!