Congrats to Carol!
Jake and I were at our local REIA meeting tonight and one of our newbies had that apprehensive feeling on putting in what people call a low offer, the conversation went something like this," Well I have to say the property would really be worth that price the seller was talking about, I suppose....." and then the newbie dropped off. I told her something that needs to be repeated, "Value is determined at the time of the transaction." If Cashflow is your value, then your offer needs to be setting up that cashflow. If an offer gives you room to fix the place up and sell it for profit, what's your VALUE? Profit!
If someone else wants to buy it and live in it, and use it like an ATM until the bank forecloses on them that's their value seen at the purchase.
Price is a measurement of value.
Value is a measurement of emotion.