Is there a such thing as an insulting offer?

[Ken Jones]

Greeting BP, 

As a fairly new fix & flip investor, I am putting in offers on mls properties (with asstance from my agent) as well as receiving proposed deals from wholesalers. I have never offered on a wholesale property. I'm currently taking a look at a wholesale property in Chatham with an asking price of $52K and an ARV of about $180-190K. My contractor budget is $100-105K to rehab the property to the level of the area comps. Based in this, I would not pay more than $33K for this property.

Which leads me to my question of: Would a wholesaler see this as an insult to offer almost $20K lower than asking price?