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?