How often do banks negotiate during contingency?

[Mark Lenox]

Hi, all.

Comments from any experienced investors out there would be greatly appreciated.  Here's my situation:

My offer of $168,500 on a foreclosure was accepted last week. The Seller is the bank, not Fannie, Freddie or HUD. I had the inspection and estimate done this weekend, and it is about $15,000 higher than I originally ball-parked on my walk-though estimate.

My question is: if I offer to remove the Contingency only if the Seller agrees to a sale price of $155,000, how likely are they to accept it?  I partly think, "they're a bank. They'll just say no and move on."  But, I also know business, and they were pretty desperate to close by quarter-end, which is this month.

My prior flips were purchased from a wholesaler, so this is the first time I have been though this part of making a deal.  I'd love thoughts from those with more experience.

Many thanks,

Mark