Listing Agent usually suggest the listing price to the Seller. Lender will approve/disapprove offers made by buyers and usually will not accept any that is lower more than 20% of Fair Market Value at this particular time (not month or two earlier, but at the time the offer is made). This assumes that the house is in a good shape. Unfortunately, quite often frustrated owners do some damage. How and what prices might be accepted in such situation is entirely different "ball game".