Real Estate sucks

Well, I still have not sold my house in Michigan. It has been on the market for 1.5 years now and the price has been dropped several times. It's currently priced at a point that gives me next to no wiggle room.

Since dropping to the current price X (which is about 5,000 below what we paid for the house a few years ago) we have received two offers. Both offers were substantially below the asking price (which is to be expected in a down market). We countered on the first offer to to a figure that I could almost afford. The buyer gave a verbal agreement, but then disappeared without returning the written agreement.

This past week I called my agent to discuss the problem in selling my house. She suggested that we drop the price another 5k to put it into a different price point. I told her doing so would give almost no negotiating room on any offer that comes in. Then I told her I was not planning on renewing my contract with her on February 1st.

Now, with 3 days to go on the contract, I suddenly have another offer. It's a terrible offer... Much below the list price (and on top of it, the buyer is asking for cash at close). Obviously, I can't afford afford it, so I countered. I don't know if the buyer will come back.

I've been cynically wondering about the timing of all this. In my brief adult life, I've not had much experience with real estate. We bought this house and now are trying to sell it, but have encountered less than scrupulous people in the process.

I hope beyond all hope that this buyer is serious and responds to our counter realistically.. [Well, since I countered with my final offer, the buyer will need to accept it or find a different house]. If not, I suppose I continue to feed the money pit that is my empty house.