What is the "low bid syndrom"?
This occurs when an uninformed buyer pressures his or her agent to offer an unrealistically low amount to the seller for is property. A competent Professional can preclude this from happening (having conducted an ACM). Please read the “How do you set the price of a property?”.
How do you set the price of a property?
By having an ACM (comparative market analysis) done. Basically, it's to find recent sales of similar properties (which are called comparables) and make the necessary adjustments to apply them on the target property (called “the subject”) . It is rigorous work that is done by certified appraisers (E.A.) or real estate brokers. (Note that the asking price for a house is NOT a comparable. Only effective sales that occurred in “the real life” can serve as comparables.)