Bankrate has a slightly different take, arguing that lowballers risk angering the seller, short-circuiting the potential for a negotiated deal that both sides would like. It's also the case that a seller's good will greases the buying process, helping with little issues such as whether the fridge is clean when you move in and the extra key to the garage is left on the kitchen counter.

What qualifies as a lowball offer? The Bankrate story quotes one agent offering a numerical guideline -- anything below 75 percent of the list price -- and a different agent arguing for an emotional threshold: Anything that makes the seller really angry.

If you're concerned about making people angry, I'd suggest at a minimum that sellers have hard time accepting offers lower than the price they paid.

Still, asking prices are oddly revered. Lots of research shows people tend to react to the first number they hear, rather than developing their own sense of value. So we talk about 5 percent discounts from the asking price, rather than talking about a fair price for the home, without regard to how it compares to the asking price.

Sure, the average home historically sells for well more than 90 percent of its list price. But these are not average times. Think of low-balling as a twisted inverse of the "Make Me Move" feature on Zillow. Wanna move anytime soon? Take my bid.

But enough about me. What are your thoughts on the ethics and strategy of lowballing? I'd be interested to hear from sellers and buyers.

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