What Does "Reasonable Offer" mean?

What does reasonable offer mean?

I think it is not a fixed amount nor a fixed percentage nor a formula.

It is quite simply- an offer that is accompanied by a logical REASON for the amount offered. An example of which might be- “I know of one that sold for the price I’m offering”.

However, both parties (buyer and seller) may not agree on a price even if it is associated with a reason. There will always be different prices for the same item that will each have reasonable bases.

Also, Just ANY reason given does not constitute a valid “reasonable offer”. An example of which would be a buyer saying “I don’t have money so I’m offering a (fraction) of the asking price”. Another example is a seller saying “It has massive sentimental value (and therefore offering it for way more than the market value)”.

It goes both ways for sure. The buyer AND seller should be adhering to being reasonable, especially when stating the expectation the other party should be reasonable.