REO Counter Offer - Help/ Thoughts

[Mike Dole]

Hi,

I currently have an offer on a property in CA near a Ski resort.  It's been on the market since June 1, 2017.

Started out at $160,000 then dropped $140,000(Sep 1) and now its at $131,000(Nov 1).  It was on auction.com and I bid $94K Didn't get it.  It then came back on the market and I offered $92K.  Citimortgage told us offer Best and final and we offed $100K 15 day close, cash, no contingencies...   They countered $118,000.

I am currently working with the REO Real Estate agent who works for Citi. She told me that my 92k offer was good and that she thought 100k was even better. She was surprised they countered so high. She told me to let my offer sit with them over the weekend because she thought it was enough for the house and they haven't had any good offers on it... I trust her and don't want to pay much more...

The house has substantial problems:  Major rot on side/ possible structural, plumbing and roofing issues, septic and water well may be shot too...

I am keeping the house for myself.  Houses of this size in the area are going for $230k to $300k +

I think they are valuing the house to high.  Even the Citi agent to me she thought i would get it under $100K.  I may have went up to high to quick?  I think I'm going to stand firm at $100k.

Any thoughts/ tips?

Thank, Mike