What happens if a bank doesn’t accept my offer on Hubzu?

[Austin Lemma]

I was the highest bidder and only bidder on a property on Hubzu. 

I have a feeling that they are going to ask us to meet a reserve price, but I don't know how much sense it will make to increase my offer. The property is a REO Occupied home that we could not inspect prior to bidding and only had one photo of a really bad exterior. Even google doesn't have a street view of the house, so I need to be conservative here.

Do I have any leverage in this situation? What can happen if I decide not to meet their reserve if they ask us to increase our offer?