Let's all agree that our home is our castle, and that we have put years of loving care into every update, and painstakingly maintained it for years and that if a buyer can't see that, well, they can just move on!
This may sound over-the-top, but if it does, you're probably not trying to sell your home right now. If you are, the emotions feel familiar. And an emotional response is something you need to avoid. TRY not to be insulted if someone sends you a low offer. That's the way it goes in buyer's markets (or almost any market, for that matter.) The buyer may really, really want your property, but can't stand the thought of leaving any money on the table with an initially high offer. It's really not personal, although it sure feels that way.
The point is to stay calm, and counter-offer (that ridiculous offer!)the best you can. Don't try to read the mind of the buyers, or guess their intentions - this can drive you crazy, by the way. See what happens after you counter back. You might be pleasantly surprised. Either way, especially if you have no other offers, you need to work any offer you get to the end.
Look at the Terms
When considering a counter-offer, terms are just as much in play as price. What are your goals? When do you need to move? Will the buyer give you time to get out after closing? Is the buyer offering cash, or getting 100% financing which may mean appraisal problems in the end? Are they asking for anything else, like closing costs?
When you send your counter-offer, remember to thank the buyer for their offer, and let them know you have carefully considered it, and look forward to hearing their response. I've found through the years that most RESIDENTIAL buyers don't appreciate hard-nosed, abrasive responses, and will tend to hang in there with those that respond professionally, not emotionally.
If you Just Can't Make it Work
Look at the entire process you just went through, and consider where you are in the marketplace. What did I learn through all this? What adjustments do I need to make in order to sell to the next buyer? What could I have done differently? These are tough, look-in-the-mirror and take a deep breath questions, but understanding the truth of your situation and getting sold is the goal!