First of all, unless you have an offer in writing, you don't really have an offer. Don't accept or make verbal offers. You asked what should be your next step. The next step is to make a counter-offer in writing. It's not unusual for first offers to be much lower than what you're asking or what you would like to have, or even what you would be willing to accept. Don't be discouraged by this. It's a place to start. Keep talking, if you really want to sell. If you don't really want to sell, make a counter offer within the range you're willing to consider. When negotiating, determine three prices you would be willing to accept: 1. A pie-in-the-sky price you don't seriously think you'll get. 2. A price you think is realistic. and 3. A rock-bottom price that you must have, or you'll walk away. Walking away is the best bargaining chip you have, but don't do it as long as your offers are above your "rock-bottom" price.