Second-guessing the purchase offer

Q: I just made an offer on a bank-owned house. The bank's asking price was $125,000, and I offered $120,000. I keep kicking myself, wondering whether that offer was too high. Was it?

A: I'm going to do some of my law school and philosophy professors proud, and disappoint others severely, by answering your question with a question: What do you mean by "too high"?

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