Mike, ask your REALTOR to run a report that shows what CLOSED condos/homes/townhomes within a five mile radius of the subject townhome have sold for over the past three months. See what percent the sellers are receiving of asking price on the closed homes. That will be one way to come up with a reasonable way to decide what to offer. The second thing you will need to know is what the homes in the radius are closing at in intervals of $25K over the past three months. It will give you a good feel for how the sellers should look at offers.