Minimum offer %, What do you think?

We are starting to get more an more complaints about people sending extremely low offers.

To try and combat this issue we are thinking of enforcing a new policy.

Offers must be at least 50% of the total asking price.

This policy would have two effects. It would make sure that people can’t give unreasonably low offers, and it would encourage sellers to ask fair asking prices.

What do you think of this policy?

========== 11/27/2008 UPDATE ============
Wow, I am amazed with the response! I rolled out the simplest stage of the feature. We now restrict the offers to at least 50% of the asking price. It is a lot more work to make it configurable, but I am open to doing it if it is the right thing. For now, if you are willing to take offers that are less than 50% of you asking prices, maybe you can consider lowering your asking price.