Exactly! There are only two thoughts to think about a low-ball offer;
1: This guy’s a sleaze.
2: This guy doesn’t know what he’s doing.
In either case, my estimation of that person’s potential to ever treat with me fairly goes down dramatically. You never want to send your top offer first, but I at least always try and send something that will have them curious. Unless, of course, I really see value, in which case I’ll throw my best offer to avoid delay or hesitation.
But, ultimately, you want to offer something that’s at least respectful. My general rule is, always treat the other person like they know what they have… Because typically, they do. If they didn’t, they wouldn’t have that player (or players) on their team.