Maybe that's an attempt to start a bidding war for him?? (justarsenal.com)
But, this is unlikely; the bank will likely start the bidding at a price that will mitigate their own costs, and your equity disappears completely. (money.stackexchange.com)
Investors tend to start their bids from very low offers and they tend to have already set their maximum budget below asking price. (toughnickel.com)