Bruce
No doubt the seller feels he will do better. Personally, I would have accepted an offer of about 2K on a hull like that and ran with the money. Mind you the wildcard is the condition of the track, sprockets and roadwheels. His roadwheels look good and the sprockets show some life. If the track is in the same condition, then that would warrant some mark up on the expected sales price. But to turn down a bid of 12K USD....yikes.
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