The bidder had offered $615,000 for the 44-year-old, two-story vacant building at 339 Broadway. The offer was recently withdrawn.
The General Services Administration is now negotiating with the third-highest bidder in an online auction, which ended in August, said GSA spokeswoman Angela Brees.
The first and second bidders have each forfeited their $25,000 deposits, she said.
"The third bidder now has the opportunity to potentially purchase the facility. If they decide not to purchase, then we'll place it back up for auction," Brees said.
GSA will not reveal the identities of any of the bidders until after the sale is final.
If the third bidder opts not to move forward with the purchase, under GSA rules it will not lose its $25,000 deposit, Brees said. The deposit forfeit only applies to the top two bidders, she said.
"Hopefully we will have a decision by mid- to late November and we can move forward then," she said.
If the building is auctioned a second time, Brees said, GSA will expand its marketing efforts to try to promote its availability to a wider audience.
The top bidder, who withdrew early this month, offered $625,000. The asking price was $900,000.
Cape Girardeau County commissioners had authorized Presiding Commissioner Clint Tracy to bid on the building earlier this year, but county officials have not said whether the county was one of the online bidders. The commission has said an offer made before the auction began was rejected.
Tracy could not be reached for comment Friday or Saturday.
339 Broadway, Cape Girardeau, MO
339 Broadway, Cape Girardeau, Mo.