3 months ago I got a new account out of the blue who gave me a listing. Did all the pre-list tasks and then the bpo which came in at $450k. (reo is 5 miles from my office and 3 miles from my house so I know the area well.)
The appraisal came in at $599k so bank listed it at $590k. Severely over priced, we decided to deal with it and just wait for the msr to come along and ask for reduction. Keep in mind this property last sold in 2006 for $540k.
MSR comes and I double check all comps and still come in at $450k. 60 days in and 3 showings. Feedback is price is to high and they will just wait for the reduction. 2nd bpo comes my way and my value is still $450k. Bank orders 2nd opinion bpo that comes in at $469k.
AM calls me today and says she has good news and bad news. Good news is seller is reducing to $549k. Bad news is that if I don't get under contract in one week it gets reassigned as that's the sellers policy. Now they're contesting the appraisal, which they won't allow me to see so I would be able to justify my price.
The dilemma is that there's no way it will sell in 1 week and it's going to get reassigned. I need suggestions on how to handle this with the AM company because I obviously want more listings from them??