Made my first offer and got this response...

[Leland S.]

Small little unit that needs a lot of work to get up to speed with market in TN is listed for 210k. I offered $140k assuming it needs at least 40k in repairs/upgrades and assuming a sale price of 240k. I compared it to three other units I could find that sold or were selling in a similar condition based on price per sqft. The three I found were average of $113/sqft and I offered 103. I know it was low but my realtor forwarded me the person's response that just said:

"you are joking aren't you"

I thought maybe they'd say no and counter offer at least to something lower. I guess I shouldn't feel too bad getting rejected on my first offer ever, so I just have to dust off and move on. 

Should I go up to my highest offer immediately in an attempt to possibly keep them interested? Not sure how this process works.