I ALWAYS encourage my sellers to counter an offer. I don't care if the offer that came in is the most ridiculous offer you can think of. I tell them that we want to keep those lines of commuication open. Who's to say that the buyer wouldn't come up to where the seller wants? I at least have them counter back with a full price or take off $100 or so - this conveys to the buyer that they need to come up and hopefully negotiations will keep going.
I also prep my sellers when I take the listing that this may happen and if we do get a "low-ball" offer we are going to counter anyway. I explain to them that if you shut the buyer off altogether they may lose them!
ALWAYS have your sellers counter with something - it'll pay off in the long run!
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