Do lowball offers ever work?
Instead of stealing the property from the Seller at a fire sale price, more often than not what they really serve to do is soften up the Seller for an offer from another Buyer.
White Gray Knight
That’s because, once the Seller gets over their indignation, two things often happen: 1) they don’t want to deal with the Buyer who made the lowball offer, if they can at all avoid it; and 2) their confidence in their asking price — and their patience waiting for it — is shaken, if only just a bit.
Consequently, when the next, merely low offer comes in, it looks good by comparison — and the Seller is usually more motivated to work with it.