Foreclosure bid rejected without counter

[Leslie Laboriel]

My agent advices me that the bank rejected my $40 cash bid on a 1bed co-op , listed @56k. The bank did not counter because they felt the bid was to low. The property has been listed for 50+ days with one price drop. I decided to want any see if price drops before revisiting. Do I have a chance bidding in the future or have I upset the selling agent & bank? Any advice??

I reviewed comps between 2017-19 and 1 beds have sold between 35k - 57k.. 57k was most recent sale. Currently 2 beds are listed for 60k- 70k (over 150 days). It doesn't look like these units are moving fast, but rental market is hot in this area. Based on HOA cost I will have good cash flow and I have wording in the sales agreement that property must be approved by board for rental.