Seller shopping for bids, what to do?

[Yu L.]

I am working on a lead, the seller is actually shopping for offers. (he said he
received multiple offers, there are other investors bidding
on the property)

Here comes the number
ARV ~ $620k
repair cost ~ $80k (that's a bit over estimate, I think it is closer to $65k - $70k)

I am offering $393k

My offer is definitely more than the 70% off, minus repair,
however, I think there is still $100k profit to be made.

After I sent the offer, the seller called and
asked me to reconsider my offer.
I told him I don't want to waste time and asked how much
he wants, he said $440k. He told me that both me and the other investor's offer are below that.

I know that no investor will pay him $440k (well, maybe someone will)

My question is what next?

My plan is just to wait for a few days and call him back
and maybe I add another $3k to $5k to the offer.
Any suggestion?

[Mike S.]

@Yu L.

what do you think it sells for as is on the MLS?

what do you think you could sell this deal to a high volume rehabber for?

I would tell the seller to give you a call before he makes any final decisions. It seems like you should be able to raise your price and maybe meet him in the middle and still make money on this deal even if you use a different exit strategy. In my market a deal like that could be wholesaled to a high volume rehabber for 475k.