What happens if a bank doesn’t accept my offer on Hubzu?

[Austin Lemma]

I was the highest bidder and only bidder on a property on Hubzu. 

I have a feeling that they are going to ask us to meet a reserve price, but I don't know how much sense it will make to increase my offer. The property is a REO Occupied home that we could not inspect prior to bidding and only had one photo of a really bad exterior. Even google doesn't have a street view of the house, so I need to be conservative here.

Do I have any leverage in this situation? What can happen if I decide not to meet their reserve if they ask us to increase our offer?

[Crystal Smith]

Quote from @Austin Lemma:

I was the highest bidder and only bidder on a property on Hubzu. 

I have a feeling that they are going to ask us to meet a reserve price, but I don't know how much sense it will make to increase my offer. The property is a REO Occupied home that we could not inspect prior to bidding and only had one photo of a really bad exterior. Even google doesn't have a street view of the house, so I need to be conservative here.

Do I have any leverage in this situation? What can happen if I decide not to meet their reserve if they ask us to increase our offer?

If it's on an auction site you will receive a notice that reserve has not been met.  No you do not have any leverage.  If you dont meet the reserve then the bank has the option to wait and repost the deal at a later time.