Imagine that you and your family have moved to a new town. You’re living in a month-to-month rental and have finally found the perfect house to buy. Unfortunately, the seller is being unreasonable. The house is on the market for $600,000, but your research, backed up by your broker’s opinion, tells you it’s overpriced. By your estimate, a fair price would be $500,000, but when you offer that amount, the seller tells you that you are “not even close” and doesn’t counter. You think the seller is in denial about the slump in the housing market, which has affected prices in your town quite a bit.