Offer Substantiation?

[Hammer Slammer]

Here's the situation. An offer was made for 550K with a list of 659K and the bank has countered with 640K. The property has been on the market over a year and has been reduced from 989K. A similar property closed 2 months ago for 570K with a much larger lot, more sq ft and all appliances -a good comp 2 miles away. There is also an issue with the driveway that will force a shared drive when the lot beside it is built on (the driveway is on the other lot which has a gooseneck entry to get back to the homesite. All the other houses in this subdivision have individual drives. Also, the basement has started leaking due to full gutters.

I'm planning on countering with the original offer of 550k and including substantiation. Basically, including a cover letter with bullet points for the comp, missing appliances, driveway and water issue followed by a couple of pages to include data on the comp, photos of the water issue and GIS map of the driveway and neighboring lot.

Any advice on how to substantiate this offer would be appreciated.

Thanks in advance!