When this question was posted, Feb 2009........
low balling was not a bad practice. However, asset managers have different priorities that are not directly related to property value. That become evident and the crash matured.
Today, Aug 2014, a 20% low ball hasn't a snowballs chance in LA...or FL.....or TX.
But those folks coming out of those seminars still try to snag a deal with the help of hard working, energetic, newbies.