How do I respond to a lowball offer?

Counter with 390k

Try to take the emotions out of it and simply counter with a number that makes sense. Some buyers are old school and like to start at a way lower number in order to meet in the middle, which is the real number they want to buy for. Some are just not educated on the market and try to waste time. It is worth sending the counter as it doesnt cost either you or your agent anything. I have had examples were we received 5 offers on a house, and sent a multiple counter to all 5 instead of top 2-3 and to our surprise the lowest one, came back as the highest amount a few days later. you never know.

Thank you for that offer for the purchase of Our home. Its below sellers asking price and below market value. However the seller is open to negotiating and would like to extend an invitation to you to submit a more serious and competitive offer.