I've rejected offers, negotiated for a better price, and also accepted one offer immediately (it seemed very high at the time, now who knows?).
If the low ball offers get too annoying, you can opt out for all your items by going to My Collection, clicking on All, and selecting the action "Not Taking Offers". You can also also opt out on an individual item or just set a very high minimum offer (be careful not to set a Buy Now price if you want to receive offers starting at that price, not sell at that price).
As for REA, I vaguely remembered that they had instituted this option (I thought I read about it in one of their emails), but if they have, it is not immediately clear on their website. Maybe you have to ask them to contact the buyer rather than doing it through a one-click option.
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