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"lowball offer" is correct and usable in written English
You can use it when a seller makes an offer for an item that is significantly lower than the item's estimated or market value. For example: The buyer made a lowball offer of $10,000 for the house, even though the estimated value was well above $100,000.
Exact(33)
"Treasury accepted a lowball offer".
Yahoo made a lowball offer and said that it was building a better competitor.
If regulators accept the lowball offer, perhaps that would be because they haven't dug deep enough.
But they had every reason to encourage Strasburg to take a lowball offer.
"NBC gave a lowball offer," he said, "thinking the Weinstein Company couldn't do better".
"If you've had your eye on something for a while and want to make a lowball offer, do it now".
Similar(27)
He advises making lowball offers.
Instead, lowball offers are almost always rejected.
(There are even isolated reports of sellers getting lowball offers).
His old place, listed for $276,000, received several lowball offers, Mr. Stanley said.
(There are even isolated reports of some sellers getting lowball offers).
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com