Offer him that $121,000 plus to pay all his closing cost (not taxes) just closing cost. Also you want to make sure you put in the contract, that you will need to inspect the home first.
Give him this offer good for 24 hours, 12 hours if he is working with a realtor.
I think this seller is offering his home as an auction, and just waiting it out. the problem is you dont know how long he wants to wait. SO ask him WHEN is he going to decide for sure, then put your bid in!