[TrueGeek]

I sold an app once to a company in the same situation. Neither one of us had sold / bought an app before so they asked me how many hours it took to write and what my hourly rate was. Then they offered half the number I quoted, which I thought was fair.

They paid a lot less than it would have cost to rewrite and I made a lot more than if I had just kept it as a free hobby app.