Definition of lowballing:
(v) :
(transitive) To give an intentionally low estimate of anything, not necessarily with deceptive intent.
(v) :
(transitive) To give (a customer) a deceptively low price or cost estimate that one has no intention of honoring or to prepare a cost estimate deliberately and misleadingly low.
(v) :
(transitive) To make an offer well below an item's true value, often to take advantage of the seller's desperation or desire to sell the item quickly.
(adj) :
Significantly below the actual cost or value.
(n) :
(poker) A form of poker in which the lowest-ranking poker hand wins the pot. Usually the ace is the lowest-ranking card, straights and flushes do not count making the best possible hand being A, 2, 3, 4, 5 regardless of suits (in contrast to deuce-to-seven lowball.)
(n) :
A form of cribbage in which the first to score 121 (or 61) is the loser.