Bank owned 6 plex

[Karen Dayley]

I have been looking at a bank owned 6 unit property that has been on the market for over 700 days.  It is owned by a local bank. They are asking $195K. There are 5 - 2 bedroom and 1 - 1 bedroom apartments. Most of the units are vacant and need work. They need flooring, cabinets, etc. before they can be rented.  We have estimated the repair costs to be $40,000. The rents are advertised for $400. We made an offer of $120K and they countered back with the full amount and said they had other offers pending.  We didn't proceed from there.  I have waited 30 days for the property to go pending, but it hasn't, so I'm now considering submitting another offer of $140. Any thoughts on how the bank will look at another offer?