I am neither an estate agent, a builder, receiver nor house buyer.
My opinion is that the estate agent is more likely to be under a deadline than a price limit. i.e. to sell the property within X weeks/months for the best price they can get.
Just ring the reciever and ask him/her! We are getting lots of experance doing that looking for stuff back, some are even nice to talk to and will go out of their way to help!
A receivers job is to get the highest price he can. However the estate agent should be putting every offer to the receiver. Insist that he puts your offer to the receiver.
The receiver has a minimum price of 120 and probably agreed with the bank, the receiver will not sell for this minnimmum price unless after a period of time the receiver and the bank agree on a lower minimum price.
You should find out who the receiver is and give them a call expressing an interest in the property and also send a follow up letter.
Find out the name of the developer and do a company search on cro or vision-net and you will see the receiver lodging a form re his/her appointment there.