One thing to consider: Is it more insulting to a seller to be offered a too-low price for a property, or is it more insulting to YOU, the buyer, to be asked to pay a price way too much for a property? Obviously asking 400K for a property that sold for 150K is an insult to the prospective purchasers. Remember... the seller ASKED for 400K and then ACCEPTED 150K. What does that tell you??? Maybe that he thought someone would be stupid enough to pay 400K? Quite an insult if you ask me!
There is only one true value for any property at any particular point in time. It is called "market value", and is defined as the intersection of the price the buyer is willing to pay and the price the owner is willing to sell.